More than a third of HMRC-approved software for Making Tax Digital (MTD) is not capable of handling end-of-year tax returns despite a looming deadline for landlords and sole traders. The Government lists compatible software that landlords and the self-employed earning more than £50,000 must choose from to report quarterly updates and an end-of-year tax return
Council Tax Reduction can cut bills for people on a low income, while other discounts and exemptions could also reduce monthly payments. More than 460,000 households in Scotland are receiving a reduction on their annual Council Tax bill.(Image: PA) Households struggling with the cost of living are being urged to check whether they could reduce
Offsetting capital losses While any savvy investor knows it’s best to leave your money untouched for the long term, you will need to make sales from time to time, realising your gains and your losses. It might be that seesawing markets and rising living costs mean you need to dive into investments for some extra
Kemi Badenoch’s inheritance tax gambit is a Conservative classic. After all, it was George Osborne’s high-profile pledge to “take the family home out of inheritance tax” in 2007 that put Gordon Brown off calling a snap general election. In practice, Osborne’s plan involved a £1m threshold for inheritance tax – and given the global financial
The Conservatives estimate their plan would cost £6bn a year in 2029-30, based on Oxford Economics’ analysis. The party says it has identified £71bn in annual savings including £36bn a year from welfare cuts. Prof Andy Summers, director of the Centre for the Analysis of Taxation, told BBC Verify this was “just about about the
People will be able to receive greater amounts in gifts or inheritance without paying tax under changes announced in the budget. However, the Government has stopped short of wider reforms called for by a number of interest groups and analysts. Minister for Finance Simon Harris confirmed that each of the three capital acquisitions tax (CAT)
Scots firms who dodged paying more than £250,000 in tax have been named and shamed and hit with huge fines. Three businesses – a coach driver agency and two building bosses – featured on HMRC’s latest list of deliberate tax defaulters and were hit with penalties totalling almost £170,000. The taxman says it publishes the
Budget 2027 is being unveiled today. The €8.5 billion package, €1.65 billion of which will allow for tax reductions, is currently being announced in the Dáil. Simon Harris said this Government’s second budget, and his first as Minister for Finance, “balances today’s needs with tomorrow’s musts”, and is fair to those “working now” as well
In April, one of your most valuable assets will count towards inheritance tax (IHT) for the first time, potentially triggering a tax bill. Pensions were previously exempt from IHT and weren’t included in the value of your estate. After the rules change, the combination of pensions and your home could push over the tax-free allowances,
A major change to pensions and inheritance tax is now just six months away. From 6 April 2027, most unused pension funds and pension death benefits will be included in a deceased’s estate for inheritance tax (IHT) purposes. It marks a major shift from current legislation, which does not consider most pension funds when calculating