Please find below all the articles from October 2025.
Chancellor Rachel Reeves has set the date for the Government’s Autumn Budget. It will take place on the 26th of November. Speculation over tax reforms has begun to ramp up as Ms Reeves is under increasing pressure to grow the economy and fill the huge hole in the public finances. Here are eight potential proposals:
– Inheritance Tax (IHT) – A lifetime cap on tax-free gifts (e.g., £100k or £200k), which could result in significant IHT bills for heirs if…
Read MoreChancellor Rachel Reeves announced changes in her October 2024 Budget that would reduce inheritance tax relief for farms and family-owned
businesses. Starting April 2026, these entities will receive a £1 million exemption. Any assets above that threshold will face a 20% inheritance tax.
A group of farmers and business owners is seeking a judicial review. They argue the government failed to conduct a proper consultation before finalizing the policy, saying that the consultation
held between February and April 2025 was deemed too narrow and technical.
The…
Read MoreHM Revenue and Customs (HMRC) revealed that it suffered a phishing attack that led to the compromise of around 100,000 personal
tax accounts. The incident was described by HMRC officials as ‘organised crime’, targeting identity data outside HMRC systems.
Scammers managed to extract £47 million through fraudulent PAYE repayments. The breach involved individual PAYE accounts, not corporate ones, and accounts for 0.2% of the PAYE population.
Despite the breach, affected individuals have not suffered financial loss, according to HMRC. They stated that ‘This was organised crime…
Read MoreMaking Tax Digital (MTD) for Income Tax begins in April 2026. It will initially affect sole traders and landlords earning
over £50,000 annually. The thresholds will gradually lower to £30,000 in 2027 and £20,000 in 2028.
MTD will require the use of MTD-compatible accounting software for Income Tax Self-Assessment (ITSA). Quarterly tax submissions will be made instead of a single annual return.
This government initiative to modernise the tax system by digitising records and submissions was originally announced in 2015, and aims to reduce errors, save…
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