Taxpayers relying on HMRC to sort out the tax due on interest are given a warning. As had often been noted over the last few years, one of the strategies adopted by successive governments to increase tax revenue is the freezing of tax allowances and bands. As inflation increases income, the net result is generally […]
Identity verification is being introduced for directors, people with significant control (PSC) and those who file at Companies House. Verification is currently voluntary, but will be made mandatory from this autumn. From autumn 2025, mandatory identity verification will be required: When you file your company’s confirmation statement; If you are appointed as a director; or […]
The deadline requiring employers to report most taxable benefits through payroll software has been postponed by one year to 6 April 2027. As a result, employers can continue using form P11D to report benefits for a further year. Once mandatory reporting is introduced, all benefits, except for employer-provided accommodation and cheap/interest-free loans, will need to […]
Proposed changes to Statutory Sick Pay (SSP) will introduce entitlement from the first day of sickness, with the lower earnings threshold removed. The changes are part of the Employment Rights Bill, currently progressing through parliament. While the new rules are not expected to take effect until autumn 2025, at the earliest, employers should start revising […]
HMRC’s recently closed consultation offers further clarity on how the £1 million inheritance tax (IHT) business and agricultural relief allowance will work from 6 April 2026. The total value of business and agricultural property eligible for 100% IHT relief will be limited to £1 million. Any qualifying assets above this limit will receive relief at […]