Employment-Related Securities Reporting: Key Deadlines 2025
In the UK, any employer that provides employees or directors with shares or securities—whether as part of a formal share scheme or through ad hoc arrangements—is required to report these events to HM Revenue & Customs (HMRC) via an annual Employment-Related Securities (ERS) return. These rules apply regardless of whether the company operates a registered […]
International Tax Reforms: A Strategic Shift in UK Cross-Border Tax Policy
In a move that reflects both post-Brexit independence and global tax alignment efforts, the UK government has announced a package of proposed reforms to its international tax rules. These reforms—targeting transfer pricing regulations and the Diverted Profits Tax (DPT)—form part of a broader agenda to simplify the UK tax system, reduce unnecessary compliance for domestic […]
Inheritance Tax Reform: A New Challenge for Family Businesses
Recent changes to the UK’s inheritance tax (IHT) regime are set to have a lasting impact on the way family businesses plan for succession and generational transfer of ownership. Announced as part of the Autumn 2024 Budget and due to come into effect in April 2026, these changes centre on Business Property Relief (BPR), a […]
Canadian Solar EMEA GmbH v HMRC [2025]: A Warning on Cross-Border Classifications and Duty Liability
![Canadian Solar EMEA GmbH v HMRC [2025]](https://www.taxoo.co.uk/wp-content/uploads/2025/05/tx-036-940x529.jpg)
In a landmark decision handed down by the Upper Tribunal in 2025, the case of Canadian Solar EMEA GmbH v HMRC brought renewed attention to the importance of product classification and origin rules in cross-border trade. While the decision focused on the importation of solar panels, its implications go far beyond one sector. At the […]
Rettig Heating Group UK Ltd v HMRC [2025]: Substance Over Form Reaffirmed in Corporate Tax Planning
In the 2025 Upper Tribunal decision Rettig Heating Group UK Ltd v HMRC, the court tackled the tax treatment of complex intra-group transactions carried out by Rettig Heating Group UK Ltd. This judgment sheds light on how UK tax law approaches the distinction between the legal form and the commercial substance of corporate arrangements, particularly […]
HMRC Clarifies LLP Salaried Member Rules: What This Means for UK Businesses
HMRC has recently issued updated guidance on the salaried member rules for Limited Liability Partnerships (LLPs), focusing specifically on the interpretation of Conditions B and C. These rules are critical for determining whether an LLP member should be taxed as self-employed or treated as an employee for income tax and National Insurance purposes. The latest […]
Spring 2025 Tax Simplification Measures: What They Mean for UK SMEs
As part of its ongoing commitment to modernise the UK’s tax and customs framework, the government has introduced a new package of tax simplification and administrative reform measures in the Spring 2025 Statement. Designed to ease compliance burdens and improve certainty for businesses and traders, these reforms mark a continuation of efforts to make the […]
HMRC Announces Updated Bonus Rates for SAYE Share Option Schemes from 23 May 2025
On 9 May 2025, HM Revenue & Customs (HMRC) confirmed revised bonus and early leaver rates applicable to Save As You Earn (SAYE) employee share option schemes. The updated rates will take effect from 23 May 2025 and apply to all SAYE contracts granted on or after that date. The SAYE scheme, widely referred to […]
Mandatory Payrolling of Benefits Delayed Until 2027
HMRC has confirmed that the mandatory payrolling of benefits in kind (BiK) will now be introduced from April 2027, rather than April 2026 as originally planned. The decision provides employers and payroll teams with an extra year to prepare for the change. Although the requirement is delayed, employers may still choose to payroll benefits on […]
New Single Tax on Securities to Replace Stamp Duty
From 2027, a single tax will replace stamp duty and Stamp Duty Reserve Tax (SDRT) on the purchase of UK securities. The changes, which were confirmed in the Government’s Spring 2025 Tax Update, aim to simplify the current system and improve efficiency. How will the new single tax work? The buyer will be […]
HMRC Late Payment Interest Rates Revised After Base Rate Cut
The Bank of England Monetary Policy Committee announced on 1 August 2024 a reduction in the base rate from 5.25% to 5%. HMRC interest rates, which are linked to the Bank of England base rate, will subsequently be reduced for both late payment and repayment of taxes. The new HMRC interest rates will take effect […]
Budget Responsibility Bill: New Fiscal Lock Legislation Introduced
In the King’s Speech on 17 July 2024, it was confirmed that the new Labour Government aims to legislate that all significant tax and spending changes undergo independent assessment by the Office for Budget Responsibility (OBR). The following day, the Budget Responsibility Bill was introduced to the House of Commons for its first reading. Labour […]
HMRC to Issue Simple Assessments to 560,000 Taxpayers for 2023/24
HMRC will be issuing simple assessments (PA302) over the next six weeks to 560,000 individuals who have outstanding tax liabilities for the 2023/24 tax year. Simple assessments are sent to taxpayers who owe tax that cannot be collected through a Pay As You Earn (PAYE) tax code and who do not meet the criteria for […]
HMRC 2023/24 Reports: Record Revenues & KPI Underperformance
HMRC has released a series of reports analysing its performance in 2023/24, including the annual report and accounts, and a performance report against the charter. Tax Revenues Highest on Record The annual report for 2023-24 reveals that total tax revenues reached a record £843.4 billion, marking a 3.6% increase from the previous year. […]
Autumn Budget Announced for 30 October 2024
The Chancellor of the Exchequer, Rachel Reeves, has announced in the House of Commons that the Autumn Budget will be on 30 October 2024. The Budget will be accompanied by a comprehensive fiscal statement from the Office of Budget Responsibility (OBR). This announcement came as part of the Chancellor’s statement on ‘public spending inheritance’, with the Chancellor […]
VAT on Private School Fees from 1 January 2025
The Government has published draft legislation to charge VAT at 20% on education and boarding services provided by private schools for a fee. The new law will bring in the following key changes: a. VAT on Education Services: From 1 January 2025, all education services and vocational training provided by private schools or connected […]
Reform of Non Dom Rules from April 2025
The newly elected Labour government has committed to eliminating the non-dom tax status to generate additional revenue for the NHS and other public services. In March 2024, Conservative Chancellor Jeremy Hunt declared that the non-dom tax regime would be phased out. Under his proposal, individuals moving to the UK from April 2025 would be exempt […]