Pension scams warning
Anyone confused or anxious about the inheritance tax (IHT) changes being introduced for pensions needs to be aware that scammers might try to target their savings.
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An insight from the gbac team on all things accounting, finance and more.
What goes into the tax cocktail?
New data from HMRC shows how much the government relies on just four taxes.
The ‘mansion tax’ and property prices – what’s to come?
Further information has surfaced regarding the possible effects of the ‘mansion tax’ that was introduced in the most recent Budget.
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.
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