There were no tax increases in the Chancellor’s Spring Statement (upgraded from an initial Spring Forecast), but that might just be pain deferred. Before becoming Chancellor, Rachel Reeves set out a new goal for the public finances, now badged the ‘Stability Rule’. In simple terms, this requires the Government should at least match its day-to-day […]
INTRODUCTION In mid-March 2024, the then Shadow Chancellor, Rachel Reeves gave the Mais lecture to the good and the great of the City. In it she set out her broad fiscal framework, including goals to: Balance the current budget, i.e. match day-to-day government expenditure with revenues; and Have a single fiscal event (i.e. Budget) each […]
Employees coming to work in the UK should see an improvement in the new version of overseas workday relief set to be introduced from 6 April 2025. Current system Under the current system of overseas workday relief, earnings for employment duties performed overseas are exempt from UK tax if: The employee is not domiciled in […]
A busy start for HMRC on Making Tax Digital (MTD) for 2025 with focus falling on new guidance for three-line accounts and joint property income. Self-employed individuals and landlords with an annual income of more than £50,000 will start using MTD from 6 April 2026. The £50,000 test is based on overall self-employed and property […]
Although a late reprieve cannot be completely ruled out, the stamp duty cost of purchasing a property in England and Northern Ireland is set to go up from 1 April 2025. Stamp duty costs have risen now that the temporary £250,000 nil rate threshold has reverted back to £125,000, the pre-23 September 2022 level. First-time […]
The Chancellor has announced the timing of her next formal report to Parliament. Cast your mind back six Chancellors ago to Philip Hammond (aka Spreadsheet Phil). In autumn 2016, Hammond announced a change to the timings of Budget announcements, with a Spring Budget and Autumn Pre-Budget Report (PBR) to be replaced by an Autumn Budget […]
In a recent case heard by the First Tier Tribunal (FTT), a taxpayer lived overseas, encountered postal delays and had limited internet access, but these did not constitute reasonable excuses for the late submission of a self-assessment tax return. The case When he was a UK resident, the taxpayer had previously submitted tax returns on […]
Although Making Tax Digital (MTD) for the self-employed and landlords is still more than a year away, the October 2024 Budget further extended its scope with the announcement that it will apply to those with income between £20,000 and £30,000 before the end of this parliament. MTD timeline With the latest announcement, the MTD timeline […]
Over the past six years, the number of lost pension pots has doubled to around 3.3 million. The total value of missing funds now sits at almost £31 billion. A pension pot is considered to be lost when the pension provider administering the fund is unable to contact the saver who owns the pension pot. […]
The Employment Rights Bill working its way through parliament will have serious implications for employers once finally enacted. Along with the loss of options for offering more flexible working arrangements, the changes are likely to cost businesses several billion pounds a year to implement. Businesses operating in the hospitality sector will take a significant hit […]