An insight from the gbac team on all things accounting, finance and more.
Previously, HMRC told UK taxpayers that the agency would use personal interest information from banks and building societies to calculate taxable personal interest for the 2023–2024 tax year, then adjust individual tax codes or issue Simple Assessments.
Company directors, people with significant control (PSCs), and anyone who files at Companies House will be expected to verify their identities from autumn 2025.
While employers were previously required to start using payroll software to report taxable benefits by April 2026, the deadline has been delayed to 6th April 2027.
Under the Employment Rights Bill moving through Parliament, there will be some significant changes to Statutory Sick Pay (SSP), which are due to take effect by next spring.
A now-closed consultation by HRMC has provided further details about the Inheritance Tax (IHT) allowance for business and agricultural properties in the UK.
With Capital Gains Tax (CGT) rates increasing and the annual exempt amount reduced to just £3,000, it’s not surprising that HMRC is collecting considerably more revenue from CGT.
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