While rising property values may seem like good news, as prices go through the roof it could land you with a hefty Inheritance Tax (IHT) bill. The latest data from HM Revenue & Customs (HMRC) show that the average IHT tax bill stood at nearly £210,000. IHT is a charge on the value of the […]

As the UK emerges from the economic crisis caused by the pandemic there are many positive indicators of financial recovery, such as a fall in COVID-induced public spending, a rise in job vacancies and a decline in unemployment, all of which are encouraging businesses to grow. The economic indicators are good news for SMEs with

Where grants claimed under the self-employment income support scheme (SEISS) do not correspond with records held by HM Revenue & Customs (HMRC), it will auto-correct 2020-21 tax returns and issue a new SA302 calculation to both taxpayer and acting agent. Corrections may be necessitated if: The grant amount was omitted; The amount received appears in

With predictions that the UK economy is set to grow at its fastest pace in 80 years and could recover to its pre-pandemic size by the end of this year, SME owners are feeling more optimistic and are keen to invest in growth. However, they are also frustrated by the mix of financial options open

HM Revenue & Customs (HMRC) has warned that debt collection will resume as the UK emerges from the pandemic. HMRC will contact taxpayers who have fallen behind with their taxes. HMRC says it will take an understanding and supportive approach to dealing with tax debts or concerns about their ability to pay their tax. During

As the UK economy gets back to full speed and confidence grows amongst small businesses, the super-deduction and the special rate allowance (SRA) should encourage further growth. According to HM Revenue & Customs (HMRC), the super-deduction will give companies a strong incentive to make additional investments and bring planned investments forward. The super-deduction allows companies to cut

On 20 July, the Government announced the taxation and other measures for consultation for the Finance Bill 2021-22. The draft legislation largely covers pre-announced policy changes, along with accompanying explanatory notes, tax information and impact notes, as well as responses to consultations and other supporting documents. The Government has also revealed three new policies that it

Thousands of people who put money into their pension each year are inadvertently failing to declare pension tax charges, according to HM Revenue & Customs (HMRC).  This can lead to an unexpected and costly tax bill. Most taxpayers can save up to £40,000 in pension contributions tax-free each tax year, a limit that sets to

Parents faced with the financial headache of childcare over the long school summer holidays are reminded they can get support from the Government. HM Revenue & Customs (HMRC) is reminding working families that they can use Tax-Free Childcare to help pay for their childcare costs over the summer. Tax-Free Childcare – a childcare top-up for

Unlike other benefits, tax credits usually have to be renewed each year by 31 July to continue receiving payments from HM Revenue & Customs (HMRC). If you are claiming tax credits, it is really important to look carefully at the information you receive. Even if you have stopped getting tax credits, you still need to