Latest News

VAT policy change on management of pension funds opens door to 4-year reclaims

HMRC has announced a potentially significant policy change on VAT deduction on the management of pension funds.

Effective from 18 June 2025, the update allows employers to fully recover VAT on both invested and administration costs related to pension funds, eliminating the previous requirement to apportion costs between employers and pension funds trustees.

Is an Employee Ownership Trust right for your law firm

Succession planning remains one of the most critical decisions for owners of law firms, particularly those seeking to preserve their firm’s legacy, values, and workforce. As traditional exit routes face increasing tax burdens and external sale risks, Employee Ownership Trusts (EOTs) have emerged as a compelling alternative—offering a blend of financial efficiency, cultural continuity, and long-term stability.

FAQs on changes to Inheritance Tax legislation for farmers

Many farmers are concerned about the impact of Inheritance Tax reforms but there are ways to put yourself, your family and your business in a better position. This FAQ guide will help you identify aspects of IHT and succession planning that you need to consider.

How can farmers use trusts to mitigate the impact of IHT changes?

In light of changes to Inheritance Tax reliefs, trusts have emerged as a viable strategy to manage and protect assets while potentially reducing tax liabilities.

Further measures to close the tax gap

HMRC has confirmed additional compliance staff will focus on tackling non-compliance amongst small businesses. What can businesses do to prepare in the increasing likelihood of a tax investigation? 

Inheritance Tax: Business Property Relief Important Changes

There has been much media attention on the impact of proposed Inheritance Tax (IHT) changes on the farming community but it is important to emphasise that these changes will affect not only farmers, but all businesses including sole traders, partnerships and companies.

Partnership vs company: Choosing the right structure for your farming business

With the basis period reform now fully implemented, alongside changes to Capital Gains Tax and plans to limit Inheritance Tax reliefs, farmers may be faced with the dilemma of determining the most appropriate and tax-efficient way to structure their business.

Mandatory payrolling of Benefits in Kind delayed

From April 2027, most taxable BIKs (including taxable expenses) provided to employees and directors will need to be reported to HMRC via weekly or monthly payroll returns instead of on a P11D return at the end of the tax year.

New Pillar 2 filing requirements for large businesses

Businesses with a global turnover of €750m or more could have additional registration and filing requirements in the UK – irrespective of the size of their UK presence.

Compulsory purchase of land and Capital Gains Tax

Farmers and landowners who lose land under a Compulsory Purchase Order for a new road scheme have many things to consider, including Capital Gains Tax, and legal or valuation issues.