thoughts and experience
our blog
An insight from the gbac team on all things accounting, finance and more.
Close company directors asked to reveal more
Directors of closely held companies will now be required to furnish more comprehensive information than before when completing their self-assessment tax returns for the fiscal year 2025/26. In the long run, close companies themselves will also need to provide considerably more detailed data.
More caught in the net of IHT property valuations
The quantity of property valuations disputed by HMRC has increased by over 20% in the last year. This is not surprising considering that stagnant inheritance tax (IHT) thresholds and rising property prices have led more individuals to fall within the IHT bracket.
Penalties for late VAT payments
More than 580,000 traders were penalised for late payment of VAT last year, representing a quarter of businesses registered for VAT. A sure sign that the tougher penalty regime introduced in 2023 is hitting cash-strapped businesses.
Soaring tax receipts for CGT and NICs
The total tax revenue collected by HMRC for the fiscal year 2025/26 saw an increase of 9.3% in comparison to the previous year. This rise is not unexpected, considering the increase in capital gains tax (CGT) rates and the employer national insurance contributions (NICs).
Cycling to work tax savings continue
There are no financial restrictions on the worth of bicycles that can be offered to employees under the cycle-to-work scheme.
Speak to our team of experts
If any of our latest content leaves you wondering how this may affect your business, our team are on hand to deal with any queries you have.
Complete the contact form below and a member of our team will aim to get back to you within two working days.