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HMRC VAT Penalty Updates – April 2025 In April 2025, HMRC introduced key changes to VAT penalties and interest rates to ensure timely compliance and accurate reporting. These updates modify the VAT late submission and payment system that was first rolled out in January 2023. Businesses must stay aware of these changes to avoid unexpected
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When couples separate or divorce, they often need to transfer assets — such as property, shares, or other valuables — between themselves. Normally, this can trigger Capital Gains Tax (CGT) if the asset has increased in value. However, UK tax rules provide a “no gain/no loss” treatment. This means transfers between separating spouses or civil
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From April 2026, HMRC will introduce a major change to the way self-employed individuals and landlords report their income. Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will require eligible taxpayers to keep digital records and submit quarterly updates instead of filing a single annual Self Assessment return. This shift aims to modernise
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Capital Gains Tax (CGT) is imposed on the profit made from the sale of assets, such as property, shares, and collectibles. Usually, the kind of asset and individual’s total income determine the tax rate. Types of Assets Subject to CGT Tax Rates The CGT rates for individuals and trustees in the UK are as follows
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The landscape of e-commerce is ever-evolving, with businesses transcending borders and catering to a global audience. Amid this growth, understanding the intricacies of Value Added Tax (VAT) becomes crucial for e-commerce businesses. VAT is a consumption tax levied on goods and services at each stage of production or distribution. For e-commerce businesses, especially those operating
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