Inspired Accountancy Services

16/06/2026

28/07/2025

It was confirmed with the publication of the draft Finance Bill 2025–26 that measures first announced in the Autumn Budget 2024 to bring most unused pension funds and death benefits into the scope of Inheritance Tax (IHT) will start from 6 April 2027. This will significantly extend the IHT net, capturing pensions that were previously excluded. Individuals with sizeable pensions will need to consider these changes with some care, and review their estate planning accordingly.

Inspired Accountancy Services

28/07/2025

You now need to set up a verified GOV.UK One Login to confirm your identity with Companies House.

Inspired Accountancy Services

25/07/2025

Overseas property owners must now report earlier ownership changes or risk penalties from 31 July 2025. Under new rules introduced by the Economic Crime and Corporate Transparency Act 2023, entities that registered on the UK’s Register of Overseas Entities must disclose any changes in beneficial ownership that occurred during their pre-registration period. This adds to the annual update requirements already in place and supports HMRC’s efforts to combat offshore tax non-compliance. Missing a deadline or failing to register can result in fines, and can make it impossible to sell or mortgage the property.

Inspired Accountancy Services

24/07/2025

Working or claiming benefits in the UK? You may need to apply for a National Insurance number first. If you do not already have one, your NI number is essential for tracking tax, National Insurance contributions and accessing certain government services. While most UK residents receive their number at age 16, newcomers or those starting work later in life may need to apply. It takes around four weeks to process after proving your identity, but you can still start work or claim some benefits while you wait.

Inspired Accountancy Services

23/07/2025

Need to help a relative or friend with tax? HMRC’s Trusted Helper service makes it quick and easy to support someone online. Whether it is checking Income Tax, updating their personal details or reviewing taxable benefits like company cars or medical insurance, you can do it all with their permission. After registering as a trusted helper, your friend or family member simply needs to approve your access. You can help up to five people, but remember, they remain responsible for their own tax affairs.

Inspired Accountancy Services

22/07/2025

Making Tax Digital for Income Tax will become mandatory in phases from April 2026. If you are self-employed or a landlord earning over £50,000 you need to start preparing to submit quarterly updates, keeping digital records and a new penalty system will apply.

Inspired Accountancy Services

21/07/2025

Double tax on estates can still hit families hard, even with treaties in place. When someone dies with ties to more than one country, their estate may face inheritance tax in both jurisdictions. Fortunately, the UK has Double Taxation Conventions with several countries to help reduce or eliminate this burden. Understanding how these treaties work, and what happens when no agreement exists, can make a big difference when dealing with international assets and long-term UK residents treated as UK domiciled.

Inspired Accountancy Services

21/07/2025

New UK transfer pricing rules could mean more reporting and fewer exemptions for mid-sized businesses. The government is consulting on proposals to tighten compliance and align with global standards. One key change would remove the transfer pricing exemption for medium-sized enterprises, keeping it only for small businesses. Another would introduce a new reporting requirement, the International Controlled Transactions Schedule (ICTS), to give HMRC more visibility over cross-border related-party transactions. These reforms aim to curb profit shifting, protect the UK tax base and simplify the rules for those who follow them.

Inspired Accountancy Services

18/07/2025

The second 2024-25 payment on account for self-assessment taxpayers is due on 31 July 2025. If you are finding it difficult to meet this tax bill, there are options available to ease the burden.

Inspired Accountancy Services