What you need to know about trusts, including how they are taxed. Trusts are legal arrangements where assets are placed into the care of an individual or organisation that manages them for the benefit of someone else. For the person setting up the trust, this arrangement means they know their assets will be properly looked…

London’s ultra low emission zone (ULEZ) aims to improve air quality and public health. The latest ULEZ expansion means that many more businesses and individuals could face charges when driving vehicles that don’t meet emissions standards. We’re here to help you understand how to comply with these clean air schemes and offer advice on minimising…

Hunt will use the Statement to set out future tax plans and departmental spending plans, although he may hold back on serious plans amid inflationary pressures. The Chancellor may also decide against favourable announcements until the Spring Budget as part of the general election, which must be held in January 2025 at the latest. Hunt…

The UK is no longer a global economic outlier after a huge revision to its post-pandemic economic performance by the Office for National Statistics (ONS). GDP, the size of the country’s economy, climbed back above pre-pandemic levels by the end of 2021, the ONS said last week — much higher than previously thought. The ONS…

Employers are turning to generous counter-offers in a bid to retain staff as skills shortages persist, new research suggests. According to the Chartered Institute of Personnel and Development (CIPD), 51% of employers who make counter-offers to keep employees have offered a higher number over the last 12 months. A quarter of employers who have made…

HMRC has reopened the self-assessment tax helpline from 4 September after it was closed for three months over the summer. Between 12 June and 3 September, callers were redirected to digital services to give HMRC staff time to deal with other phone enquiries and handle the postal backlog. This was not the first time HMRC…

Rising interest rates and frozen thresholds will force over one million more taxpayers to pay taxes on their savings interest this tax year, new data reveals. Over 2.7 million individuals will pay tax on cash interest in the 2023/24 tax year, up by a million in a single year as more savers breach the personal…

Real wages in June 2023 were higher than a year ago for the first time in 18 months, ending a pay squeeze across Britain. Wages grew by 7.8% in the three months to June, the fastest annual rate since records began in 2001, according to figures from the Office for National Statistics. Darren Morgan, ONS…

Growth remained sluggish between April and June 2023, with GDP growing by 0.2% in the second quarter of 2023 following a 0.1% rise in the first. Monthly estimates also show that GDP grew by an estimated 0.5% in June 2023 after falling by 0.1% in May and rising by 0.2% in April. Growth of 1%…

One in five British importers have altered their supply chains because of geopolitical tensions, particularly with China, new research suggests. A survey by the Institute of Directors (IoD), found that 20.5% of importers have altered their supply chains because of tensions abroad, while a further 14.5% were considering doing the same. Just 42.4% of importers…

Contractors and freelancers operate through a private company to enjoy a better tax treatment compared to sole traders — but a more favourable tax position is actually never guaranteed because of off-payroll working rules known as IR35. According to IR35, if a contractor or freelancer has a working relationship with a client that is more…

If you’ve never had to complete a self-assessment tax return, the first time can be daunting. But don’t worry: we’ll demystify the process in this article. And if you have completed one before, this guide might still teach you a thing or two about doing your self-assessment better. What exactly is self-assessment? Self-assessment is the…

In evidence submitted to the Public Accounts Committee’s Progress with Making Tax Digital inquiry, contributors from across the accounting profession handed down a blistering verdict on the project, and HMRC’s ability to deliver on its new timeline. The written submissions criticised HMRC’s failure to consult with and listen to taxpayers, agents, professional bodies and software…

After “a successful trial period”, HMRC has decided to extend its call time information messages to more of its helplines in a bid to give taxpayers and agents a better understanding of how long they can expect to be waiting on the phone. According to HMRC’s most recent stakeholder digest, the extension, which came into…

The Chartered Institute of Taxation (CIOT) is warning that HMRC’s efforts to tackle abuse of the R&D tax relief system are resulting in them rejecting legitimate claims and stone-walling others. In a letter to HMRC, the CIOT wrote that the ‘volume compliance’ approach adopted by the tax authority since the second half of 2022 does…

Hunt says changes will unlock £75bn of investment. On the evening of Monday 10 July 2023, Chancellor Jeremy Hunt delivered a speech at Mansion House in the City of London framed around “looking further ahead”, rather than just dealing with the immediate inflationary issues the country faces. “I want to lay out our plans to…

In today’s fast-paced and competitive business environment, having the right tools and systems in place is crucial for success. However, one tool that sometimes goes overlooked is accounting software, which can help you manage your finances more effectively, save time and reduce the risk of costly errors. But with so many types of accounting software,…

Tax specialists at the Low Incomes Tax Reform Group (LITRG) have warned taxpayers who use third-party companies to claim tax refunds from HMRC to do so cautiously. Although taxpayers can apply for a refund directly from the Government, some prefer to use agents to do so on their behalf. If HMRC decides at a later…

The Government is running a call for evidence on how to simplify and widen accessibility to employee share schemes. The Treasury is inviting comments on ‘save as you earn’ (SAYE), the company share option plan (CSOP) and the share incentive plan (SIP) until 25 August 2023. Through the call for evidence, ministers aim to improve…