HM Revenue and Customs (HMRC) has revealed that inheritance tax (IHT) receipts reached £7 billion between April 2024 and January 2025—£700 million more than during the same period last year—putting the government on track for another record-breaking year for IHT revenue. With £7.499 billion collected in the 2023–24 tax year, the latest figures suggest this […]
Specialist agricultural lawyers at Clarke Willmott LLP have reported a surge in enquiries about pre-nuptial and post-nuptial agreements from farming families, following recent government changes to inheritance tax on farm assets. With succession planning now a pressing concern, private client and family law specialists are seeing increased demand for legal advice to safeguard farming assets, […]
A landmark tribunal ruling could provide major inheritance tax relief for families who engaged in historic ‘home loan’ schemes, potentially saving them six-figure sums in tax bills, according to national law firm Clarke Willmott LLP. The ruling in Elborne v HMRC overturned a previous decision that would have allowed HMRC to claim inheritance tax on […]
HM Revenue & Customs (HMRC) has significantly increased the number of Research and Development (R&D) tax relief claims it has “corrected” using controversial powers, sparking concerns that the tax authority is bypassing due process. New data obtained by accountancy firm Price Bailey through a Freedom of Information request reveals that HMRC’s Fraud Investigation Service (FIS) […]
Small and medium-sized enterprises (SMEs) in Britain are continuing to repay debt at levels more than 20 times higher than before the pandemic, according to industry data. The Department for Business and Trade says this illustrates the lack of “competitive downward pressure” on loan prices, prompting it to open a review into the supply of […]
Small and medium-sized enterprises (SMEs) are bracing for a significant rise in National Insurance (NI) contributions after last year’s Autumn Budget, in which Chancellor Rachel Reeves announced higher employer NI rates and a lower threshold from 2025/26. Although the Treasury expects to raise £25 billion annually to help plug a public finances deficit, concerns are […]
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A new analysis of HMRC data has found that UK SMEs are failing to claim up to £47 billion in Research and Development (R&D) tax relief. While 36% of small and medium-sized enterprises across the country engage in innovative activities, fewer than 6% of them actually submit R&D tax claims. This leaves potentially 38,000 businesses […]
Article content The result compared with a deficit of $23.6 billion for the same period a year earlier. According to the Finance Department’s monthly fiscal monitor, revenue for the nine-month period totalled $355.6 billion, up from nearly $318.1 billion a year earlier, boosted by gains in all categories. Program expenses excluding net actuarial losses amounted […]
HMRC has announced a reduction in the interest charged on overdue tax payments, following the Bank of England’s recent decision to cut the base rate from 4.75% to 4.5%. From 17th February, taxpayers with outstanding debts will see the interest rate on late payments drop from 7.25% to 7%. This will offer some relief to […]