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All of the latest tax and finance information

How to deal with an estate on death as lifetime gift clawbacks rise

Dealing with someone’s death is never easy, and unpicking their affairs once they have gone, especially if there has been no forward planning for this inevitable event, can be very hard on those left behind. This isn’t helped if there are taxes to pay on the estate...

Nearly £57m in overpaid pension tax refunded in Q2

HMRC has had to repay a massive £56.9m in overpaid pension tax between April 1 and June 30 this year, as the problems with the emergency tax rate on flexible pension withdrawals continue to bite. HMRC will put you on an emergency tax rate when you first access your...

MTD to expand to income tax in 2026 – get ready!

The Making Tax Digital (MTD) regime is set to begin applying to income tax soon, and the first people to be brought into the regime will be the self-employed and landlords. Although April 2026, which is when relevant taxpayers must sign up to file digitally, sounds a...

How to deal with VAT on school fees from January 2025

The new Labour Government will be adding VAT to school fees from January 1 next year, which will increase the bill to parents by 20%, unless schools choose to reduce fees another way to reduce the impact of the extra tax. Private schools have been exempt from VAT on...

Keep good records to avoid a fine from HMRC

Keeping good business records is an essential part of running a business, but it is also a legal requirement when it comes to HMRC. To keep on the right side of the law, businesses and individuals should keep records of their income and expenditure for at least six...

DWP makes slow progress on parents’ pension redress

The Department for Work and Pensions (DWP) is making slow progress on addressing State Pension errors for around 194,000 parents who are being denied a full State Pension because they have not had the correct information applied to their National Insurance records....