Welcome to this edition of our newsletter that outlines key updates from “Legislation Day” on 21 July, including draft laws to close the tax gap, inheritance tax changes from April 2026, and new benefit-in-kind rules for certain company cars. HMRC’s Transformation Roadmap aims for 90% digital interactions by 2030, with measures like pre-populated tax returns, digitised inheritance tax services, and a single customer account. Making Tax Digital for Income Tax starts April 2026 for those with qualifying income over £50k, with some exemptions and scope adjustments. Proposed inheritance tax reforms will cap 100% Agricultural and Business Property Relief at £1m, with 50% relief thereafter. HMRC is also correcting errors in 2024/25 Class 2 NIC charges due to recent reforms.
Welcome to this edition of our newsletter, where we explore a range of timely topics to help you navigate your finances with confidence. We take a closer look at Making Tax Digital (MTD) and how it affects income from jointly owned property, offering practical tips to stay compliant. We also examine tax-efficient strategies for extracting funds from an owner-managed business, ensuring you can access profits without unnecessary tax burdens. Finally, with summer upon us, we highlight ways to manage and potentially save on childcare costs during the holiday period.
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