Jun 14, 2024 | Personal Tax
The amount of tax collected from unpaid inheritance tax (IHT) investigations is soaring, but HMRC could recover even more. Over the past five years, HMRC has conducted thousands of investigations into estates suspected of owing IHT, collecting £1.39 billion in unpaid...
Apr 16, 2024 | Current AffairsPersonal Tax
In February, 2.9 million people tried to reach HMRC by phone, down from 3.6m in January during the busy self-assessment period. Despite this decrease, only 1.3m callers managed to speak with an adviser, and 656,622 calls were abandoned. Automated systems handled...
Apr 9, 2024 | Personal Tax
Due to the new basis period reform rules, HMRC has introduced a calculator for sole traders and self-employed individuals to compute transition profit for the 2023/24 tax year. This calculator excludes partnerships. These rules affect around 530,000 people, requiring...
Apr 8, 2024 | Personal Tax
Several tax changes are now in effect for taxpayers and businesses from 6 April. The changes are expected to raise an additional £455 million in tax for 2024/25. The dividend allowance has been reduced to £500 from £1,000, impacting owner-managed businesses. The...
Apr 3, 2024 | Personal Tax
New research for the House of Commons has shown that due to the income tax threshold freeze of £12,570 until 2028, an additional 1.6 million pensioners will have to pay income tax in the next four years. This is a significant increase from the 8.5m pensioners...
