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All attention is now focused on the Budget on the 26th November which is expected to bring significant tax rises on some or all of the main taxes. This is on top of the reforms already announced to inheritance tax at the last Budget.
The articles in this issue are:
- Are you ready to manage inheritance tax (IHT) changes? Even though most of the IHT measures announced in the Autumn 2024 Budget have yet to be introduced, more changes are still possible come this November’s Budget.
- Reform of business rates Major business rates reform could feature in the Budget following an interim government report into how the rates system could support economic growth and entrepreneurship while continuing to provide a stable source of revenue for local services.
- Further sacrifices possible on employee benefits Tax changes introduced back in 2017 severely curtailed the use of salary sacrifice arrangements. In the lead up to November’s budget, concerns are circulating that the Chancellor could further restrict relief.
- HMRC enhances lifestyle scrutiny HMRC is deploying artificial intelligence (AI) to scan social media accounts for signs that taxpayers’ lifestyles do not match their declared income.
- Covid support repayment scheme opens The government has opened a voluntary scheme to allow recipients of the various Covid-19 support measures a ‘no questions asked’ chance to repay any help they received but were not entitled to.
We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.