Tax Tips and News
HMRC Inheritance Tax Enquiries Hit Six-Year High
Newsletter issue – July 2026 HMRC opened 4,940 formal inheritance tax (IHT) enquiries in the last financial year - an 18% increase year-on-year. This is the highest level in six years, driven by a government crackdown on avoidance and non-compliance previously announced by the Chancellor, Rachel Reeves. She aims to raise an extra £6.5bn a…Read More
Summer attractions see VAT reduced to 5%
Newsletter issue – July 2026 As part of the government's "Great British Summer Savings" package, aimed at helping families during rising costs linked to the Iran war, Rachel Reeves announced a VAT cut to 5% on tickets (for adults and children) for theme parks, zoos and museums. It also includes children's tickets for the cinema,…Read More
Increase in Mileage Allowance
Newsletter issue – July 2026 The Approved Mileage Allowance Payment (AMAP) for employees using their own car for work (not commuting) has risen from 45p to 55p per mile for the first 10,000 miles per tax year. After 10,000 miles, the rate remains 25p per mile. The Chancellor made this announcement recently and the change…Read More
Reminder: check if you are eligible for the Employment Allowance
Newsletter issue – July 2026 The Employment Allowance allows companies and charities to reduce their annual National Insurance (NI) liability. For the second tax year running, the maximum you can claim is £10,500 (the maximum prior to April 2025 is £5,000). To be eligible, you must be a business or public body and do less…Read More
July Questions and Answers
Newsletter issue – July 2026 Q: I can no longer claim tax relief on my expenses when working from home. Is there anything I can do (I'm a basic rate taxpayer)? A: The Working From Home (WFH) tax relief scheme was introduced to allow employees who were contractually required to work from home to make…Read More
July Key Dates
Newsletter issue – July 2026 1st Corporation Tax payments are due for companies with a year-end of 30th September. 6th Deadline for submitting P11D and P11D(b) forms for the tax year 2025-26. 19th For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you'll…Read More
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