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The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure.

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The Bank of England base rate increase is impacting on the government’s tax takes, with more taxpayers paying tax on savings income.

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HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures.

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If an English or Welsh domiciled person dies without leaving a will, the amount that a spouse/civil partner can inherit has increased.

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Although the lifetime allowance was effectively abolished from April 2023, it has been retained on statute for a year.

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New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem.

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The government has announced a new initiative to counter fraudulent activity, particularly in the financial sector.

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The average IHT bill is now nearly £62,000, with much larger amounts payable if an estate includes a property in London or the South East.

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Previously, exemption was subject to a £100,000 income ceiling, but the threshold has been increased to £150,000 for the current tax year onwards.

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From 1 July, the energy price cap set by energy regulator, Ofgem, will fall from £3,280 to £2,074, helping home-based employees and any small business owners who work out of residential accommodation.

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Analysis of the projected outcomes of the government’s tax policies show an expected increase to the number of higher rate personal taxpayers, with the corporate tax yield expected to grow substantially.

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Business owners could seek to earn interest on directors’ loans with little-to-no tax implications, although only patient directors willing to meet the reporting requirements will benefit.