Latest Tax Tips and News - July 2025

• Inheritance tax break that could lure expats back to the UK

  Newsletter issue – July 2025 Changes introduced by Chancellor Rachel Reeves on April 6 mean Britons who have lived abroad for 10 years are no longer subject to UK inheritance tax on their global assets. The “non-dom” tax regime (the previous system allowing UK residents to avoid tax on foreign income) has been replaced by…Read More

• The Government refuses to increase the annual Personal Allowance to £20,000

  Newsletter issue – July 2025 Parliament debated a petition calling for the income tax threshold to be raised from £12,570 to £20,000 to allow people to keep more of their earnings. The petition, signed by over 250,000 people, was spearheaded by pensioner Alan Frost, who described it as a "cry for help." MPs acknowledged concerns…Read More

• Reeves under pressure to create wealth tax

  Newsletter issue – July 2025 The financial pressures facing Chancellor Rachel Reeves continue to mount, particularly regarding a projected £57 billion shortfall in the country’s finances. Public sentiment is shifting towards tax increases on wealthier individuals, with 48% in a recent poll (by BMG Research) supporting higher income taxes on those earning over £125,000. 29%…Read More

• Reeves urged to launch tax raid on landlords

  Newsletter issue – July 2025 Labour MPs and influential advisers are urging Chancellor Rachel Reeves to “launch a tax raid” on landlords as part of efforts to fill a fiscal gap without breaking the party’s manifesto commitment against increasing taxes on “working people”. There are three proposed tax measures: Charging National Insurance on Rental Income:…Read More

• July Questions and Answers

  Newsletter issue – July 2025 Q: I sometimes sell unwanted items online. Am I now liable to pay tax on any money I make? A: There has been a rise in recent years of people selling old and unwanted items, particularly on digital platforms. If you do this on a casual basis, it is unlikely…Read More

• July Key Dates

  Newsletter issue – July 2025 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 2024-25. 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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