HMRC can now raid bank accounts and Isas to recover unpaid taxes over £1,000 after Reeves revived its controversial debt recovery powers.
Category: Finance
Financial advice for owners and managers of small and medium sized business SMEs in the UK All your tax, borrowing and administration advice
UK women risk losing £93,000 in lifetime earnings due to gender pay gap
New research shows women in the UK risk missing out on £93,000 in lifetime earnings due to the gender pay gap, with disparities widening most between ages 30–59.
Contactless payments could go unlimited
The FCA is consulting on proposals to let banks scrap the £100 contactless card limit, bringing cards in line with unlimited mobile wallet payments.
Rayner and footballers’ tax troubles are a ‘wake-up call’, adviser warns
The separate tax controversies involving Premier League footballers and former deputy prime minister Angela Rayner should serve as a “wake-up call” about the importance of taking sound, professional advice, a senior tax expert has warned.
CGT changes at a glance: what investors need to know about the new rules
For anyone filing a 2024–25 tax return, here is a comprehensive guide to the new rules, the key numbers, and what it means for your finances.
Government looks at applying National Insurance to rental income in Autumn Budget
The Government is weighing a major shake-up of landlord taxation that could see National Insurance contributions applied to rental income for the first time.
AI profiling of social media will boost HMRC’s tax compliance, say advisers
Blick Rothenberg says HMRC’s use of AI through its CONNECT system, which has already recovered over £3bn in unpaid tax, will be strengthened by profiling people’s social media activity.
HMRC admits using AI to monitor taxpayers’ social media
HMRC has confirmed for the first time it uses AI to monitor social media in criminal tax probes, prompting MPs to warn of risks to privacy and potential “Horizon-type” errors.
£105m in Premium Bond prizes unclaimed – including 11 jackpots worth £100,000
More than £105 million in Premium Bond prizes remain unclaimed, including 11 worth £100,000. NS&I urges savers to check their contact details and trace old bonds.
HMRC scores tax windfall from Lionesses’ Euro 2025 prize money
The Lionesses’ Euro 2025 win is expected to deliver HMRC a £788,900 tax windfall, with players facing a 47% marginal tax rate on bonuses, according to Blick Rothenberg.
Taxpayers who haven’t settled their bill with HMRC must pay by 31st July or face fines and interest
HMRC warns taxpayers to settle their bills by 31st July or risk 8.25% late payment interest and penalties. Payments on account apply to many self-employed and high-income earners.
Fields of fortune: Why farmland remains a tax-efficient safe haven — for now
UK farmland remains a popular tax-efficient asset for wealthy investors, but proposed reforms to Agricultural Property Relief by Chancellor Rachel Reeves could reshape the landscape.
Brushed with value: How fine art is becoming the tax-efficient investment of choice for the wealthy
Wealthy investors are turning to fine art for tax efficiency, inheritance planning, and stable returns, with structures like trusts and cultural gifting offering strategic advantages.
Families face red tape nightmare with inheritance tax on pensions from 2027
From April 2027, pensions will be included in inheritance tax calculations, raising £1.46bn annually but sparking backlash over added bureaucracy and burden on bereaved families.
Inheritance tax haul hits £2.2bn in just three months amid rising property prices and frozen thresholds
HM Revenue and Customs (HMRC) collected a staggering £2.2 billion in inheritance tax (IHT) in the first three months of the current tax year, new data released this morning reveals—£100 million more than the same period last year.
