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Accounting groups have expressed concerns over a UK proposal from HMRC to impose criminal charges for reckless, untrue statements about direct tax matters. They argue that this could deter voluntary compliance and create confusion among taxpayers. The proposal aims to align direct tax law with exist...
The full state pension will increase to £251.20 weekly from April 2027, exceeding the £12,570 income tax threshold. This rise, driven by the triple lock guarantee, means many pensioners will face income tax deductions. Former Pensions Minister Steve Webb said: "Unless things change sharply in the...
Families saved £1.28bn in inheritance tax through charitable donations in the 2025/26 tax year, an 88% increase on the £680m recorded in 2020/21, according to HMRC data. Sarah Coles from AJ Bell said people "will be considering how to protect their estate from this much-hated tax," while Ian Dyall...
HMRC overturned a record 48,189 tax penalties in 2025/26, with this 4% up on the previous year. The analysis shows that around 65% of the penalties that taxpayers appealed were cancelled. The figures have raised concerns about HMRC’s use of automated systems to issue penalties for missed Self Asse...
HMRC has updated its fraud reporting service following a call from John Healey for people to report suspected fraud on the high street. "Too many high streets have been blighted by dodgy shops that harm local communities and undercut honest businesses," the Chancellor said. HMRC has said it will car...
The Prime Minister is under pressure to reverse the inheritance tax on family farms. Andy Burnham acknowledged that Labour has "a long way to go to build back trust" with farmers after the previous government introduced new inheritance tax laws targeting farms. Shadow Chancellor Sir Mel Stride argue...
Higher earners in the UK are facing significant tax concerns ahead of the Budget on October 28. Young people earning over £100,000 risk losing valuable tax breaks, while wealthy older people face additional fears over possible raids on their savings, investments, property and estates. Sarah Coles,...
Grieving families will lose the ability to claim loss reliefs on pensions due to changes in inheritance tax (IHT) rules starting April 2027. Unused pension pots will be included in an individual's estate for tax purposes, but unlike other assets, if pensions fall in value, family members will not be...
Over 2.1m pensioners will pay tax on their savings by 2026-27, a significant increase from 517,000 in 2022-23, according to HMRC data. This is attributed to high interest rates and frozen tax thresholds. In total, 4.5m savers are expected to pay tax on bank interest this year....
The first Making Tax Digital quarterly update deadline passed on August 7, affecting sole traders and landlords with a turnover over £50,000 in the 2024/25 tax year. HMRC is warning those who missed the deadline to act quickly. The new system requires digital record-keeping and quarterly updates, m...
Labour's proposed crackdown on zero-hours contracts under the Employment Rights Act could cost businesses between £350m and £2.9bn a year, depending on the agreed hours threshold. The Government's own analysis suggests approximately £1.2bn of these costs stem from new requirements to compensate w...
Capital Economics has warned that the Government could raise taxes by up to £25bn in October’s Budget to fund spending pledges worth as much as £40bn, including council housebuilding, higher defence spending and cost-of-living support. The tax burden is expected to shift away from businesses tow...
