HMRC is warning people to be wary of bogus tax refund offers following the self assessment deadline on 31 January. The tax authority says that fraudsters could set their sights on self assessment taxpayers, with more than 11.5 million submitting a tax return by last month's deadline. HMRC warns that taxpayers who completed their tax return for the 2022/23 tax year by the 31 J ...

Pensions income needed to retire rises
The amount needed for a single person to have a moderate retirement has risen to £31,300, according to the Pensions and Lifetime Savings Association (PLSA). The rising cost of living and an increased importance on socialising following the pandemic had pushed up the income required by £8,000, the PLSA said. The PLSA uses evidence from focus groups to make the estimates, and t ...

Payrolling employer-provided benefits to become mandatory from April 2026
HM Revenue and Customs (HMRC) has released a “tax simplification” update confirming that the reporting and paying of income tax and class 1A national insurance contributions (NIC) on benefits-in-kind (BIK) via payroll software will become mandatory from April 2026. This follows the changes made during the 2022/23 reporting season whereby amendments to P11Ds had to be completed ...

How can you track a Probate application UK?
If you are a beneficiary of the deceased’s estate or family, it is possible to find out if a Grant of Probate or Letters of Administration have been granted, but that’s all you can do. You need to be the person(s) that applied for Probate to be able to track the progress of a Probate application. After you've applied for Probate, your application will be reviewed by the Probat ...

Charity News: Charity rates relief
Charitable organisations in England can obtain a mandatory 80% reduction in business rates on any property it occupies and uses wholly or mainly for charitable purposes, with local authorities able to offer a further 20% discretionary relief. A recent Supreme Court case (London Borough of Merton v Nuffield Health) has confirmed the test for eligibility for this relief. The case ...

HMRC targets buy to let landlords claiming higher levels of repair and maintenance expenditure
HMRC targets buy to let landlords claiming higher levels of repair and maintenance expenditure Landlords across the UK have started to receive letters from HMRC as part of their ‘One-to-Many’ campaign. This letter focuses on the repair and maintenance costs claimed within the taxpayers 2021/22 tax return. Since December 2023, HMRC has been reaching out to landlords who comple ...

How long after Probate is granted does it take to receive inheritance?
Once a Grant of Probate has been issued, you may expect to receive your money quickly if you have been in line to inherit. However, this can vary greatly due to the complexity of the estate, and the possibility of the Will being contested, as well as more personal delays such as the Executors fitting this process around their lives. For an estate which has not got any property ...

Charity News: Tax Consultations
On Tax Administration and Maintenance Day last year two consultations were launched of particular relevance to the charity sector. Firstly there was the announcement of the Government’s future engagement with stakeholders on reforming Gift Aid. It is understood this will involve assessing how administrative burdens can be eased through the use of digital technology, as well as ...

New rules for registered office addresses
From 4 March 2024, there’ll be new rules for registered office addresses which mean companies must have an ‘appropriate address’ as their registered office at all times. An appropriate address is one where: any documents sent to the registered office should be expected to come to the attention of a person acting on behalf of the company; any documents sent to that address c ...

Charity News: Accountancy and tax update
Improving the quality of charity accounts In the Spring 2023 edition of Charity News we reported that OSCR had performed a review of the quality of charity accounts submitted to them. One of the main issues they noted was a failure to include an accompanying trustees’ report that complied with relevant requirements. This has now been followed up with some guidance issued by ...