The government is stepping up its efforts to reconnect young people with unclaimed savings in Child Trust Funds (CTFs). Around 6.3 million Child Trust Fund accounts were opened for children born between 1 September 2002 and 2 January 2011. More…
HMRC is reminding millions of self assessment taxpayers to prepare for the 2025 to 2026 tax year second payments on account 31 July deadline. The tax authority says that taxpayers can set up monthly or weekly payment plans and any…
The UK government must set out a clear plan to ease the burdens that Brexit has placed on business, says the British Chambers of Commerce (BCC). Over half of UK exporters think the current trade deal with the EU is…
The tax gap rose to a record high of £59.2 billion in cash terms for 2024/25, according to the latest data from HMRC. The tax gap is the difference between what UK tax is expected to be paid and was…
HMRC has published the latest issue of the Employer Bulletin. The June issue has information on various topics, including: PAYE Settlement Agreement (PSA) — agreements and a mailbox closure. Update — mandatory payrolling of benefits in kind to launch in…
The decision to phase in the mandatory payrolling of benefits in kind is a ‘welcome step’ to allow employers and payroll software providers more time to prepare for significant changes, says the Association of Taxation Technicians (ATT). Benefits in kind…
The headline approved mileage rate has increased to 55p per business mile for the first 10,000 miles, with effect from 6 April 2026. For each business mile over 10,000 miles, the approved mileage rate remains at 25p per business mile. This…
Government plans to extend the rules requiring some taxpayers to declare ‘uncertain’ tax positions risk creating more uncertainty, compliance burdens and tax disputes according to the Chartered Institute of Taxation (CIOT). The uncertain tax treatment regime currently requires large businesses…
More than £11 million in funding has been made available to taxpayers struggling with their tax affairs. The doubling of funding comes as part of HMRC’s Voluntary and Community Sector Grant Funding Scheme. The funds will be available for organisations…
Threequarters of UK workers are not on course to save enough for a ‘moderate’ lifestyle when they retire, according to a report by Pensions UK. The report says a moderate lifestyle will cost £32,700 for one person and £45,400 for…
