The HMRC Connect system compares the data supplied by the agency to that stored by banks, employers, payment systems, and other sources. The algorithm discovers any variations between the information and the reported values. Understanding how the HMRC is likely to...
Inheritance tax is no longer limited to the wealthiest individuals. With the rise in property and asset values, as well as the freeze on tax bands, many more individuals and company owners can be liable for Inheritance Tax when their estates pass. The current...
In the financial year 2025-26, an anticipated 725,000 UK employees can be taxed at 60%, with income ranging from £100,000 to £125,140. This figure is more than twice as high as the number of persons affected in 2017-18, which is over 300,000. This rise is mostly...
If you earn commission revenue in the UK as a TikTok Shop affiliate, your VAT status can be unclear depending on your overall income. Most affiliates use the fact that they are over the VAT registration threshold to address their difficulty. However, the subject of...
Audit exemptions in the UK have been dramatically revised for financial years beginning on or after April 6, 2025. Many organisations that previously required a statutory audit will now be eligible for exemptions under the revised levels. It is not as simple as...
In England, the debt for council tax payments has reached its highest level ever. It emphasises the growing financial load on families and raises fresh considerations about the need to reform the current collection process. At a time when people are facing increased...
The HMRC Tax Gap Study has been published recently. According to the estimates, £59.2 billion in taxes remained unpaid in fiscal year 2023/24. The estimate accounts for 5.3% of the total potential tax liabilities. Despite collecting the majority of the tax, HMRC loses...
If you used to reside in the house but opted to rent it out later, you certainly experienced letting relief. However, many homeowners continue to believe that they can automatically claim letting relief when they sell their house. That is no longer the case because...
In the UK, it is standard practice to transfer assets to the next generation as gifts in order to avoid future Inheritance Tax payment. But there is one critical error that many families make when planning their inheritance, which is the gift with reservation of...
Let Reflex Accounting Handle It!
Focus on growing your business—not managing HMRC paperwork, audits & payroll
