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15/07/2026

NEWS Wednesday, 15th July 2026

UK's digital tax hits record £1bn

Britain is expected to collect a record £1.1bn from its digital services tax (DST) for the 2025/26 financial year, the first time receipts have exceeded £1bn. The 2% tax applies to the UK revenues of large search engines, online marketplaces and social media companies, with US tech giants accounting for most of the payments. Britain now raises more from the levy than any other country, while the number of companies paying it has increased from 20 to 32 over the past three years. Originally introduced as a temporary measure pending a global corporate tax agreement, the DST remains in place after the US declined to join the international framework. US President Donald Trump has threatened countries with digital services taxes with tariffs of up to 100%, arguing they unfairly target American companies. Some countries, including Canada and New Zealand, have already abandoned similar taxes under pressure from the Trump administration.
The Sunday Telegraph

TAX

Tax revenue hit by US exemption

MPs have warned that exempting the United States from a global minimum tax deal could cost the UK £600m annually. The Commons Public Accounts Committee highlighted that the risk of lost tax revenue from multinational companies shifting profits remains high, despite a 15% global minimum tax rate. The Organisation for Economic Co-operation and Development brokered the deal, but the US is exempt from key parts. The PAC said HMRC's approach to collecting tax from large businesses is "generally working well" but noted that there are still "significantly high" risks related to multinationals potentially diverting profits. Of the £70.1bn of tax under consideration as part of investigations into large businesses in 2025, HMRC estimates around £21bn of this faces international risks.
Financial Times The Times Financial Times Daily Express The I The Independent Daily Mail

HMRC tax probes take up to 8 years

Businesses are experiencing delays of up to eight years for tax investigations by HMRC, according to a Public Accounts Committee (PAC) report. The report reveals that cases involving court disputes now take nearly twice as long as in 2019. On average, multinationals wait eight years and one month for resolution, compared to four years and nine months previously. Saying that this is "far too long," the PAC said: "The complexity of the tax system does not help, nor does the large amount of information that HMRC requests from the large businesses it investigates." It is noted that even non-litigation cases took an average of 17 months to conclude last year.
The Daily Telegraph

Tax rethink could deliver £120k hit

UK families could face an additional £120,000 in inheritance tax due to proposed changes, according to Rathbones. The wealth management firm warns that aligning capital gains tax with income tax rates could increase tax bills significantly. Rathbones added that if a capital gains tax uplift on death is abolished, it could further add to bills, delivering a "double blow." Noting that the impending change in Prime Minister has prompted speculation over economic policy, Ed Wood, financial planning director at Rathbones, said: "With commitments made on the main tax levers, many investors see CGT as a potentially tempting area for area for policymakers looking to raise additional revenue."
The Daily Telegraph Daily Express

IHT investigations hit six-year high

HMRC opened nearly 5,000 inheritance tax investigations in 2025/26, the highest level in six years, as it intensifies efforts to recover underpaid death duties. Around 40% of the 4,940 families investigated had their inheritance tax bills adjusted. The crackdown comes as inheritance tax receipts are expected to almost double from £7.1bn in 2022/23 to £13.5bn by 2029/30, driven by rising property values, frozen allowances and upcoming changes that will bring pensions into the inheritance tax system.
The Daily Telegraph

Wealthy families act ahead of IHT change

Wealthy families are increasingly gifting assets to avoid inheritance tax on pensions, which is set to be implemented in April 2027. A survey by RBC Brewin Dolphin reveals that nearly 30% of affluent individuals are changing their gifting behaviour. Among them, 47% are gifting more frequently, while 44% are doing so earlier.
Daily Mail

Voters expect Burnham to hike taxes

Polling indicates that over 55% of voters expect taxes to rise under a Government led by Andy Burnham, while just 9% believe he would oversee tax cuts. Although Mr Burnham has committed to Labour's manifesto, which promises no increases in income tax, VAT, or National Insurance, he is said to support a wealth levy and reportedly backs levelling capital gains taxes with income taxes.
City AM

ACCOUNTING

AI use in corporate reporting is 'cautious and uneven'

Research commissioned by the Financial Reporting Council (FRC) has found that while the use of AI in UK corporate reporting is growing, adoption remains cautious and uneven. The study found that generative AI is gaining traction in narrative reporting but is still used only sparingly in the preparation of financial statements. Companies are mainly deploying AI for lower-risk, task-specific activities, with limited use in areas requiring significant professional judgement. Respondents cited concerns over trust, data quality, governance, legal and reputational risks, and the need to maintain authenticity, accuracy and accountability as key barriers to wider adoption.
Yahoo Finance The Accountant Online

Dame Jayne-Anne Gadhia named as candidate for FRC Chair

Dame Jayne-Anne Gadhia has been named as the Government’s preferred candidate for Chair of the Financial Reporting Council, succeeding Sir Jan du Plessis when he steps down in September. A chartered accountant by training, Dame Jayne-Anne built her career across insurance, retail banking and fintech, most notably as CEO of Virgin Money from 2007 to 2018. She was also Chair of the board of HMRC.
Bloomberg

SMEs

Reeves unveils plans for small business growth

Rachel Reeves is set to announce measures to support SMEs, with the Chancellor planning to enhance the Growth Guarantee Scheme with a £6.5bn increase, providing a 70% government guarantee on loans. This initiative aims to assist around 33,000 firms over the next three years. Loan terms will extend from six to ten years, allowing businesses with a turnover of up to £54m to apply. Saying that small businesses "are the backbone of this economy," Ms Reeves said the reforms "are the most significant step in years to unleash their potential."
The Independent Sunday Express

ECONOMY

Interest rates may need to rise, says BoE economist

Huw Pill, chief economist at the Bank of England, has indicated that interest rates may need to rise this year to control inflation, which is currently above the Bank's 2% target at 2.8%. Mr Pill, a member of the Monetary Policy Committee (MPC), noted that productivity in the UK has slowed and said improving the efficiency of the economy is key to raising living standards. He added that he is "concerned that we've been running the economy a little ‌bit ⁠hotter than the supply side." Mr Pill was one of two members of ⁠the nine-strong MPC who last month voted to raise interest ⁠rates from 3.75%.
Reuters BBC News

IMF upgrades UK growth forecast

The International Monetary Fund (IMF) has revised the UK's growth forecast for 2026 to 1%, up from a previous estimate of 0.8%. This adjustment reflects a less severe impact from the conflict in the Middle East on the UK economy. Despite this improvement, the UK is still expected to lag behind the US and Canada. The IMF's forecast for 2027 remains unchanged at 1.3%. The IMF has also predicted that UK inflation could return to the Bank of England's 2% target by mid-2027.
City AM

08/07/2026

NEWS Wednesday, 8th July 2026

CGT plans would 'kill investment and risk-taking'

The Tony Blair Institute for Global Change has warned Andy Burnham against equalising capital gains tax with income tax. Top allies of the assumed next Prime Minister have advocated for such a move. But Guy Ward-Jackson, a senior analyst at the institute, says in a piece for the Telegraph that aligning the two levies would undermine risk and reward incentives for entrepreneurs "and send entirely the wrong signal" and make the country poorer. HMRC's own modelling suggests that a 10% increase in the top level of CGT would reduce tax receipts by £3.6bn. In a separate piece for the same paper, Kemi Badenoch, the Conservative leader, said equalising the rates of income tax and capital gains tax, "would kill investment and risk-taking entirely," adding: "Even Rachel Reeves backed away from that terrible idea."
The Sunday Telegraph The Sunday Telegraph The Sunday Telegraph

TAX

50m taxpayers could end up paying 40% rate - OBR

Nearly 50m people in the UK could find themselves in the higher tax bracket unless Government spending is controlled, according to the Office for Budget Responsibility (OBR). The report warns that if tax thresholds remain frozen, two-thirds of earners may pay the higher rate of 40% by the late 2060s, with even a full-time worker on the National Living Wage becoming a higher-rate taxpayer. The watchdog warned that relying on tax rises alone to manage rising costs from pensions, healthcare, defence and Net Zero would create economic risks by increasing tax burdens and reducing incentives to work. It also noted that the UK’s tax-to-GDP ratio is expected to rise from 37% in 2019/20 to 43% by 2030/31.
Daily Mail The Daily Telegraph

Alignment concerns over CGT

Paul Johnson, a senior adviser at Frontier Economics, looks at capital gains tax (CGT) amid calls from some quarters for it to be aligned with income tax. He warns that simply raising CGT rates could deter investment, reduce tax revenue and hinder economic growth. Mr Johnson suggests taxing only real gains above inflation.
The Times

Savers rush to cash Isas ahead of tax changes

Savers deposited £3.1bn into cash Isas in May, driven by concerns over Labour’s upcoming tax changes. This followed a £12bn increase in April as savers aimed to maximise their tax-free allowance before the financial year ended. The Government plans to reduce the cash Isa allowance for under-65s from £20,000 to £12,000 next April, alongside a new 22% tax on interest earned on cash in stocks and shares Isas.
The Daily Telegraph

VAT cut now urgent, hospitality industry says

One in six hospitality businesses in the UK may close within a year due to a heavy tax burden, new figures show. A recent survey by UKHospitality and other trade bodies revealed that 23% of these businesses are currently operating at a loss, up from 15% three months ago. Some 5% say their business is no longer viable at all. Campaigner and chef Tom Kerridge is calling for hospitality VAT to be cut to 10%, bringing the UK in line with the rest of Europe.
The Sun

Fintech boss in tax warning

Paul Taylor, the founder of fintech unicorn Thought Machine, has cautioned that excessive regulation and taxation could deter entrepreneurs from starting businesses in the UK. He described a proposal that would align capital gains tax with income tax as "profoundly unfair," arguing that such a move would discourage investment, and said the UK market is "anachronistic" due to stamp duty. Mr Taylor has suggested that venture capital investors should receive capital gains tax holidays to foster a more positive environment for tech IPOs.
City AM

Tax burden stifles business investment

A poll by the British Chambers of Commerce (BCC) shows that the proportion of businesses that plan to increase investment has fallen to 17% in the past three months, with this down from 21% in the previous quarter. This downturn is attributed to significant tax increases and rising operational costs, which have hindered capital spending. The research found that 66% of the 4,744 businesses surveyed were worried about rising inflation, making it the leading concern.
The Times

Government nets £336m from failed gifts

The UK Government has collected £336m from inheritance tax on gifts made between 2021 and 2026 that retained some benefit for the giver. HMRC reported nearly 2,500 gifts, valued at £840m, were not exempt due to "reservation of benefit."
The Daily Telegraph

ACCOUNTING

FRC's revised Audit Enforcement Procedure comes into effect

The Financial Reporting Council's (FRC) revised Audit Enforcement Procedure has now taken effect. The updated framework represents a significant development in the FRC’s move towards a more integrated regulatory approach which aligns its supervisory, investigatory and enforcement activity more closely.
Financial Reporting Council
SMEs

Ministers urged to rethink small business support

Liam Byrne, chairman of the Business and Trade Committee, has urged ministers to reconsider the Government's "inadequate" response to support small business growth in the UK. The committee highlighted that small businesses face pressures similar to those during the pandemic and has called for a "more coherent and ambitious plan" to address issues like business rates and late payments. Mr Byrne said that when the committee published its initial report in February, "we warned that many firms were facing cost pressures comparable to the pandemic," adding: "Since then, those pressures have only intensified."
Daily Mail

UK sets new standard for late payments

A study by the Enterprise Research Centre reveals the new Commercial Payments Bill introduces the strictest late payment laws in any major economy. Small businesses in the UK will benefit from a 60-day payment cap, mandatory interest on overdue invoices, and enhanced powers for the Small Business Commissioner. The reforms aim to address the £26bn in overdue invoices affecting small businesses.
The Herald

ECONOMY

OBR: Public debt could hit 300% of GDP

The Office for Budget Responsibility (OBR) has warned that rising pension costs will inflate UK public debt to 300% of GDP by 2075, up from 270%. Currently, public debt stands at nearly £3trn - around 95% of GDP - but the OBR has warned that it could move on to "an unsustainable and ever-rising path." Spending on state pensions is projected to increase from around 5% of GDP today to 9% within 50 years, with the triple lock accounting for a significant share of the increase. The OBR said that while tax revenues are expected to reach record levels by the end of the decade, this may not be enough to offset rising spending pressures. It also warned that future governments could face difficult choices over taxes and spending, with measures such as freezing tax thresholds helping raise revenue while receipts from energy-related taxes decline as the economy moves towards net zero.
Financial Times City AM

Business confidence slides

UK business confidence has fallen to its lowest level in four years, according to the ICAEW Business Confidence Monitor, which reported a score of minus-14.6 for the second quarter. This marks six consecutive quarters of negative readings, the longest streak since the 2008 financial crisis. ICAEW chief Alan Vallance commented: "War in Iran has knocked confidence significantly and the economic consequences are proving hard to shake." He urged the next Prime Minister to focus on creating conditions for business growth amid ongoing domestic uncertainty.
Daily Mail

Minimum wage hike could drive inflation

The Confederation of British Industry and the British Chambers of Commerce (BCC) have warned that a proposal to raise the minimum wage above £13 an hour could jeopardise jobs and fuel inflation. The Low Pay Commission is expected to recommend a 5% increase in 2027, raising the wage to £13.18. Kate Shoesmith, the BCC's deputy chief executive, said: "Any further above-inflation increases to the national living wage will only tip more firms over the edge." A recent BCC survey revealed that 10% of businesses have already made workers redundant due to a 4.1% wage increase this year.
The Daily Telegraph

OTHER

HMRC plans to track personal finances with AI

Dr Chris Wales, a former adviser to Gordon Brown, warns that HMRC may soon use artificial intelligence (AI) to monitor individuals' and businesses' financial activities without their consent. He pointed to the Spanish tax authority's model, which allows extensive data collection, as a potential blueprint for the UK. Wales expressed concern over the lack of parliamentary debate on these powers. An HMRC spokesperson defended their practices, asserting that data collection is governed by strict legal safeguards and that AI supports, but does not replace, human oversight.
The Independent

01/07/2026

NEWS Wednesday, 1st July 2026

Labour tax rumours could threaten the economy again

Andy Burnham, the leading candidate for Labour Party leader, has demonstrated ambition to replace council tax with a Land Value Tax (LVT) – a change that could significantly impact homeowners, particularly in high-value areas. The proposed LVT would charge based on land value rather than property value, potentially altering property prices. Other potential tax changes under Burnham include hikes to CGT and an "exit tax" to stop entrepreneurs leaving Britain to avoid higher charges. Anna Leach, the chief economist at the Institute of Directors, said the policy proposals swirling around Mr Burnham threaten to unsettle the economy again. "A concern here is we are once again speculating on tax changes that risk damaging growth for the third summer in a row. This cycle must be broken," Ms Leach said.
The Daily Telegraph Daily Express

TAX

Haldane calls for tax relief reforms

Andy Haldane, president of the British Chambers of Commerce, has warned that foreign investors are acquiring promising UK start-ups and advocates for reforming tax reliefs to encourage domestic investment. Mr Haldane, who said it is "an absolute no-brainer" to adjust the tax system to favour British companies, says current tax reliefs primarily support foreign investments, resulting in a lack of return for the UK. The former Bank of England chief economist has called for a "tilting of the playing field" to correct market distortions and urged the Government to act swiftly to support local businesses before they are lost to foreign raiders.
The Guardian City AM

Campaigners urge property tax reform

Campaigners are calling for reforms that would see council tax and stamp duty replaced with a single annual property tax. The Fairer Share campaign, which has been backed by Andy Burnham, suggests a proportional property tax that would be based on 0.48% of the value of a property, or 0.96% for second homes, empty properties and those owned by foreign nationals. While homeowners with expensive properties may face higher taxes, the reforms could benefit 18m households, with average savings of £556. The campaign estimates that the changes could raise £7.5bn.
The Standard

Wes Streeting's tax plan would cost £8bn

Wes Streeting's proposal to align capital gains tax (CGT) with income tax rates could cost the Treasury nearly £8bn annually, according to analysis by IG. Streeting claims the change would generate £12bn and create a fairer tax system. However, IG's findings suggest it would lead to losses as homeowners and investors delay asset sales. Michael Healy from IG said: "Aligning capital gains tax with income tax rates would make investing less attractive." The Treasury's CGT revenue fell from £14.9bn to £13.6bn following recent rate increases.
The Times

Burnham could devolve tax collection

Andy Burnham could propose a significant overhaul of income tax in England that would allow regions to collect taxes instead of central government. Lord Jim O'Neil, a former economic advisor to Mr Burnham, says that devolving taxes is "definitely something that would be on the agenda to study in a serious way." He highlighted business rates and income tax as levies that could be devolved to regional authorities.
Daily Express

Trump's tariff threat rattles UK exporters

US President Donald Trump has threatened to impose 100% tariffs on countries with digital services taxes, raising alarm among British exporters. The UK’s 2% Digital Services Tax, which generates £800m annually, targets large tech firms like Google and Amazon. William Bain, head of trade policy at the British Chambers of Commerce, warned that retaliatory tariffs would harm both US and UK businesses, costing tens of billions. As the 24 July deadline approaches, businesses urge both governments to focus on existing trade agreements rather than escalating tensions.
City AM

TUC pushes for massive bank tax hike

The Trades Union Congress (TUC) is urging Andy Burnham to implement a significant tax increase on banks, proposing a windfall tax that could raise between £9bn and £60bn over four years. However, UK Finance warns that such measures could lead to job losses and reduced competitiveness in the City.
Financial Times London Evening Standard

ACCOUNTING

FRC revisions make reports more valuable for investors
The Financial Reporting Council (FRC) has announced revisions to auditing standards as it looks to reduce reporting workloads and enhance transparency. With concerns that auditor reports have become increasingly long and are often filled with boilerplate language, the changes seek to make the reports more valuable for investors. The updates affect three UK auditing standards: ISA (UK) 700, ISA (UK) 701, and ISA (UK) 720. Additionally, the FRC has provided guidance on auditor responsibilities under the UK's revised Corporate Governance Code.
Bloomberg Tax

SMEs

Hospitality sector renews call for VAT cut

Restaurants, pubs and bars have renewed calls for a reduction in VAT after new industry figures showed almost a quarter of venues are now operating at a loss. Under the "VAT's the problem" campaign, hospitality leaders including chef Tom Kerridge are urging the Government to cut the sector's VAT rate from 20% to 10%. Trade bodies say rising labour, energy and inflation costs are placing unsustainable pressure on businesses, with one in six warning they could close within a year. Supporters argue the UK rate is significantly higher than many European countries and that a cut would help protect jobs and high street venues.
The Daily Telegraph The Guardian

Wealth taxes would be 'huge blow' for Britain

Business groups warn that Andy Burnham could harm the UK economy by increasing wealth taxes. Allies are pushing to raise capital gains tax from 24% to potentially 45% and introduce an "exit tax" on departing investors. Critics, including The Entrepreneurs Network, argue these high taxes would deter international talent, push out current business owners, and make alternative global investment hubs significantly more attractive for innovative global start-ups.
The Daily Telegraph

Bosses unable to pay themselves a living wage

The Federation of Small Businesses (FSB) reports that rising employment costs and Labour's minimum wage increases are jeopardising small business owners' ability to earn a living wage. In a submission to the Low Pay Commission (LPC), the FSB points out that many owners are forced to absorb rising costs, leading to closures and detrimental retirement decisions.
The Daily Telegraph

ECONOMY

UK economy growth disappoints again

The UK economy grew by only 0.1% at the end of 2025, a revision down from 0.2%, according to the Office for National Statistics (ONS). Liz McKeown, director of economic statistics at the ONS, noted that services drove growth, but construction and production also contributed. Despite a 0.6% growth in the first quarter of 2026, experts warn that this may be short-lived, as GDP fell by 0.1% in April. Inflation remains a concern, currently at 2.8%, with potential increases ahead. Additionally, households experienced a 0.8% decline in real disposable income in the first quarter of the year due to rising inflation and higher taxes.
The Guardian The Sun

UK economy faces ongoing pressure - CBI

The UK economy is under significant pressure, with a bleak outlook for businesses, according to the Confederation of British Industry (CBI). Firms anticipate a decline in activity for the three months leading to September, continuing a trend of pessimism that began in late 2024.
Daily Mail

OTHER

AI boom risks investment bust, BIS warns

The Bank for International Settlements has warned that high AI spending by tech giants could trigger an investment bust, destabilising markets if financial returns underperform expectations. Record-high public debt across key economies was also a concern, along with stubborn inflation and oversight of non-bank financial firms.
Financial Times Reuters

24/06/2026

NEWS Wednesday, 24th June 2026

HMRC's shortfall from unpaid taxes hits £59.2bn

The tax gap in the UK - the difference between the amount owed and the sum actually received - increased to 6.4% for the 2024/25 tax year, according to HMRC, with a £59.2bn shortfall in unpaid taxes. The data shows that small businesses accounted for 62% of the gap. The tax gap for wealthy individuals - the top 2% of UK taxpayers - increased to £3.6bn from £2.5bn last year. Alongside deliberate tax dodging, tax-gap calculations include mistakes, carelessness, disputed interpretations of tax law, unpaid bills, avoidance, evasion and criminal attacks on the system. Emma Rawson, director of public policy at the Association of Tax Technicians, noted that many business owners "are trying to comply with an increasingly complex tax system while managing the day-to-day demands of running a business." Rachael Griffin, a tax and financial planning expert at Quilter, said: "Closing even a fraction of the £59.2bn tax gap could play a meaningful role in supporting the public finances without the need for further headline tax rises."
Financial Times Daily Express Daily Mirror The Independent

TAX

Burnham allies call for tax pledge rethink

With Andy Burnham the frontrunner to become Prime Minister following Keir Starmer's decision to stand down, he is under pressure to reconsider Labour's tax pledges. During a recent by-election campaign, Mr Burnham said he would honour manifesto pledges not to raise income tax, National Insurance, or VAT. However, allies have warned that sticking to these commitments could hinder his spending plans. One minister told the Mail: "If we stick to those tax pledges he is going to be hamstrung from the start." The Mirror notes that Mr Burnham has previously suggested that he wants to revisit the income tax personal allowance, while analysts believe there could be changes to inheritance tax and stamp duty. The Standard, meanwhile, cites economists at Pantheon Macroeconomics who say Mr Burnham could "pitch to Labour MPs' left-leaning instincts for more spending, funded by higher taxes and moderately looser fiscal rules."
Daily Mirror The Standard Daily Mail

King and Prince William to disclose tax payments

The King and Prince William will disclose their tax payments for the financial year 2024-25, marking an historic move towards transparency in royal finances. Buckingham Palace said the decision reflects the King's desire for accountability. The King will reveal his tax on profits from the Duchy of Lancaster, while Prince William will disclose his payments from the Duchy of Cornwall. Sources previously indicated that William pays up to £7m annually in tax, placing him among the top taxpayers. A new report on royal finances will also be published to enhance clarity. Elizabeth II started paying income tax in 1993 but never declared her tax bill.
The Sunday Telegraph The Mail on Sunday The Observer The Sunday Times

Taxpayers back higher tech levies

According to a survey by the Fair Tax Foundation, 67% of UK taxpayers support increasing digital services taxes on major tech companies like Meta, Google, and Amazon. The digital services tax, introduced in 2020, imposes a 2% levy on revenues from firms with UK sales exceeding £25m and raised £800m in 2024/25. The study also found that three-quarters of taxpayers would prefer to "work for" and "shop with" a business that is paying its fair share of tax. Paul Monaghan, the foundation's chief executive, said: "The UK public care about many issues, but 'tax justice' is consistently at the top of their concerns when it comes to corporate conduct."
The Guardian

Cut VAT to support hospitality, industry says

The Government is being urged to reduce VAT from 20% to 10% on hospitality firms. The campaign, led by celebrity chef Tom Kerridge and UK Hospitality, claims the industry is overtaxed, facing rising costs and competition from supermarkets. A petition has gathered over 220,000 signatures, with support from more than 50 MPs – Labour leadership hopeful Andy Burnham has also backed a VAT cut for hospitality. However, tax expert Dan Neidle of Tax Policy Associates warns a cut could cost taxpayers £12bn and disproportionately benefit larger firms. He advocates for a reversal of the increase to employee NICs or reform of business rates instead.
City AM The Observer

Wealthy families rethink UK residency

Britain is losing its appeal to wealthy families, according to the 'Millionaires on the Move' report by Henley & Partners. Tax reforms, including the abolition of the non-domiciled tax status and changes to inheritance tax, have prompted many to reconsider their residency. Meanwhile, the Isle of Man is experiencing a surge in interest from wealthy UK buyers seeking to avoid high taxes. Property experts report that these buyers are drawn to the island due to its significantly lower income tax rates, which are less than half of those in the UK.
The Daily Telegraph Daily Mail

Thousands more paying tax on savings

The number of individuals paying £5,000 or more in tax on savings interest is set to rise significantly. In 2026/27, 144,000 people are expected to face these bills, up from 52,700 in 2022/23, marking a 173% increase. This is attributed to rising interest rates and stagnant personal savings allowances, which have not changed since 2016. Additionally, tax rates on savings income will increase by 2 percentage points in April 2027 and the cash Isa allowance is being cut.
The Daily Telegraph

IHT enquiries surge to six-year high

HMRC has reported a significant rise in inheritance tax enquiries, reaching 4,940 in the last financial year, an 18% increase from the previous year. This comes as IHT receipts hit a record £8.5bn, driven by frozen thresholds. Only 40% of compliance checks led to an amendment, down from 45% the year before and 83% in 2021.
City AM

Frozen thresholds give Treasury £9.8bn boost in April and May

According to new HMRC data, frozen tax thresholds provided the Chancellor with an additional £9.8bn boost during April and May. Total tax and National Insurance receipts reached £153.7bn, up from £143.9bn last year, with income tax generating £54.6bn.
The Daily Telegraph

ACCOUNTING

FRC chair: Audit reform decision a 'missed opportunity'

Jan du Plessis, chair of the Financial Reporting Council (FRC), has expressed disappointment over the Government's decision to halt plans for reforming the audit sector. He described the decision not to push ahead with legislation to establish a new Audit, Reporting and Governance Authority as a "big disappointment" and a "missed opportunity." Calls for reform came amid scrutiny of the audit industry following a series of corporate collapses, with this prompting a review which recommended that the FRC be replaced by a more powerful regulator. The Government, however, paused the necessary legislation, saying it was prioritising economic growth instead.
Bloomberg Tax

Mid-sized accounting firms struggle with staffing

Many mid-sized accounting firms are struggling due to staff shortages, according to a new survey by Advancetrack. Approximately 73% of the 500 accountants surveyed reported that shortages severely impacted their ability to take on new business. The firms, which have up to 30 partners and are located in the UK, Australia, US, and Canada, are increasingly relying on technology to manage their workloads. Advancetrack noted that firms are also focused on retaining existing staff while seeking technological solutions to address capacity issues.
Bloomberg Tax

FRC updates audit enforcement rules for faster outcomes

The Financial Reporting Council has published reforms to its Audit Enforcement Procedure, modernising its regulatory toolkit an creating a new and expanded range of routes to resolution. The introduction of a graduated range of responses gives the FRC more flexibility to act quickly and in a more targeted way when serious issues arise.
Accountancy Today Financial Reporting Council

SMEs

UK small businesses face rising costs

Two in three small business owners have increased prices three times or more in the last five years, with a quarter planning another rise before summer ends. Research by Smart Energy GB shows that rising supplier costs and energy bills are the main reasons for these increases. On average, small businesses have seen their outgoings rise by nearly 17% over the past year.
Daily Express Daily Mirror The Scotsman

Pubs at risk without business rates reform

The British Beer and Pub Association (BBPA) warns that 2,300 pubs may close unless Labour reforms business rates. Despite a 15% cut in rates this year and a freeze planned for 2027, closures continue. Since January 2026, two pubs have been closing every day. Emma McClarkin, BBPA chief executive, warned: "Without the right changes, thousands more could follow." The Treasury is reviewing the calculation of pub business rates, with expected action by 2029.
The Sunday Telegraph

ECONOMY

UK private sector wage growth slows to lowest rate in five years

UK private sector regular wage growth, excluding bonuses, slowed to 2.9% in the three months to April, down from 3.1% in the three months to March. Meanwhile, overall regular pay growth across the entire economy remained steady at 3.4% - stronger than the 3.2% expected, according to the Office for National Statistics. Meanwhile, UK job vacancies declined by 19,000 to 707,000 in the three months to May while unemployment fell 0.1% to 4.9%. Businesses remain cautious due to rising employment costs with many freezing hiring and some 90% planning redundancies this year.
Financial Times The Daily Telegraph City AM The Independent UK

Bank of England holds interest rates at 3.75%

The Bank of England has held interest rates at 3.75% after a deal between the US and Iran pushed oil prices down and reduced inflationary risks to the UK economy. The Monetary Policy Committee voted seven to two to leave rates unchanged, with chief economist Huw Pill and external member Megan Greene dissenting. They called for a quarter-point increase to offset the risk of still-elevated energy prices feeding into prices.
Financial Times The Guardian

UK borrowing surges in May

UK government borrowing reached £23.3bn in May, exceeding forecasts by £5.6bn, according to the Office for Budget Responsibility (OBR). This marks the highest borrowing for May since 2020, driven by increased spending on debt interest, public services, and benefits. Borrowing for this financial year now stands at £46.3bn - £7.7bn over the OBR's forecasts, while the national debt stands at 95.1% of GDP, a level not seen since the early 1960s.
City AM The Guardian The Sun

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