What is Investors Relief Investors relief is a government scheme implemented to reduce the capital gains tax on the disposal of shares in a private trading company that is not listed on the stock exchange. It applies to shares that are issued on or after 17 March 2016 that are disposed of on or after […]
Key points • The procedure for a company to purchase its own shares is strict and complex, and legal advice should always be obtained. • Buy-backs are useful to return cash to shareholders or to restructure the balance sheet of a company. • Companies Act 2006, s 694 permits private limited companies to buy back […]
Tax Evasion While the majority of people abide by the law and pay their taxes, there are those who deliberately and dishonestly set out to defraud HMRC by evading tax, stealing public funds or cheating the system in other ways. Tax fraud undermines our economy, creates unfair competition for legitimate businesses and robs our vital […]
Taxpayers reported over 144,000 scams last year, up from 123,000. With self-assessment tax returns due by 31 January 2025, fraudsters may target individuals with fake tax refund offers or payment demands. HMRC warns it never threatens legal action via voicemail or requests personal details by text.
The recent Budget signifies a pivotal policy shift, particularly in the government’s approach to enhancing revenue collection and tackling tax evasion. A key focus of this strategy is bolstering the capabilities of HM Revenue and Customs (HMRC). Recognizing the critical role HMRC plays in maintaining fiscal stability, the government has committed substantial resources to modernize […]
Inheritance tax Introduction to Inheritance tax Inheritance tax (IHT), introduced in the 1986 Finance Act and governed by the Inheritance Tax Act of 1984, replaced the Capital Transfer Tax and Estate Duty. IHT accounts for around £5.5 billion of government revenue, with only 4%-5% of estates paying it, thanks to various reliefs and tax planning […]
Beginning in April 2025, double cab pick-ups (DCPUs) with a payload of one tonne or more will be treated as cars for tax purposes. This reclassification will impact capital allowances, benefit-in-kind (BIK) rates, and some business profit deductions, leading to higher tax liabilities for businesses. Transitional Rules: For DCPUs bought, leased, or ordered before April […]
According to new research from Tax Experts, nearly half of business owners would consider moving their companies to another country if tax rates are raised in the upcoming Budget. This finding is based on a UK-wide survey of 500 business owners, each with an annual turnover of £5 million or more. The survey revealed that […]
HM Revenue and Customs (HMRC) is reminding UK residents of an important deadline: individuals have until 5 April 2025 to address any gaps in their National Insurance (NI) contributions dating back to 2006. By filling these gaps, people can increase their State Pension entitlement, potentially securing a higher income during retirement. Since the opportunity to […]
Her Majesty’s Revenue and Customs (HMRC) is set to implement new regulations regarding the process of claiming tax relief on employment-related expenses, primarily in response to growing concerns over an increase in ineligible or incorrect claims. Starting from 14 October 2024, taxpayers who wish to claim tax relief for expenses they incur as part […]
In 2022-23, R&D tax relief claims saw a notable shift, with a decrease in the number of claims but a slight increase in the total amount of relief granted. The overall relief claimed rose by 1%, reaching £7.5 billion. However, small and medium-sized enterprises (SMEs) experienced a decline, with their claims dropping by 3%. This […]
A report claims that non-dom tax reforms could cost the UK £1 billion in lost tax due to people leaving. However, this has been challenged because the survey used was too small and possibly unreliable, making the £1 billion figure questionable.
