In April 2025, the UK’s ‘non-domicile regime’ was replaced with a new set of rules centred around an individual’s tax residency, taking in factors like an individual’s links to both the UK and other countries and trust structures they are connected to. What was introduced? A new four-year Foreign Income and Gains (FIG) regime has […]
HMRC has confirmed it is changing the way it will handle tax on bank and building society interests. What has HMRC changed? Since October 2025, HMRC has been sending out Simple Assessment letters to individuals who may owe tax on interest incurred from banks and building societies between April 2024 and April 2025. The letters […]
In the October 2024 Budget, the Government confirmed reforms to Inheritance Tax (IHT) that will take effect from April 2026. The changes will restrict the availability of Business Property Relief (BPR), which helps reduce the tax liabilities of family-owned businesses. The new £1 million BPR cap BPR currently gives up to 100 per cent relief […]
HMRC has confirmed that the upcoming increase in company size thresholds will apply to the off-payroll working rules. From 6 April 2026, more end-client companies will qualify as “small” and fall outside of the scope of the IR35 Off-Payroll Working (OPW) regime. What it means to be IR35-exempt A company that is IR35-exempt does not […]
In Autumn Budget 2024, the Chancellor announced that restrictions to the amount of Agricultural Property Relief (APR) and Business Property Relief (BPR) will apply from 6 April 2026. APR and BPR currently give up to 100% relief from Inheritance Tax (IHT) on qualifying agricultural and business property. Draft legislation for the restrictions was published in […]
HMRC has published long-awaited guidance on how digitally excluded individuals should apply for an exemption from Making Tax Digital (MTD) for Income Tax. Gaining HMRC’s agreement that a person is digitally excluded is essential. WHAT DOES ‘DIGITALLY EXCLUDED’ MEAN? The MTD legislation defines digitally excluded individuals as those who are unable to use electronic communications […]
In a recent First Tier Tribunal (FTT) case, Ferrero Ltd v HMRC, the FTT found that Nutella Biscuits are zero-rated for VAT. VAT legislation provides that biscuits are zero-rated unless they are wholly or partly covered in chocolate or a substance that is similar to chocolate. HMRC argued that the Nutella Biscuits should be standard-rated […]
In a recent Upper Tribunal (UT) case, Investment and Securities Trust Limited v HMRC, the UT found that a company was entitled to Annual Tax on Enveloped Dwellings (ATED) relief as it held an option over a property exclusively for the purpose of developing and reselling that property, in the course of its property development trade. […]
In the previous edition of this newsletter we showed HMRC’s Advisory Fuel Rates (AFRs) applicable from 1 September 2025. You may have noticed that there was a new rate for fully electric vehicles that are charged using public charging facilities. This means that we now have two electric car rates, which from 1 September are […]
Date What’s Due 1 November Corporation Tax for year to 31/01/2025, unless quarterly instalments apply 19 November PAYE & NIC deductions, and CIS return and tax, for month to 05/11/2025 (due 22/11 if you pay electronically) 1 December Corporation Tax for year to 28/02/2025, unless quarterly instalments apply 19 December PAYE & NIC deductions, and […]
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