HMRC has collected an additional £14.4 million in tax from insolvencies over two tax years up to 2023 since it regained its ‘preferential creditor’ status. The preferential status, known as ‘Crown Preference’, was reinstated for HMRC in December 2020, granting it priority in reclaiming taxes owed from insolvent businesses aheadContinue Reading
Figures released this morning by HM Revenue and Customs (HMRC) reveal that inheritance tax receipts reached £2.1 billion from April to June in the 2024/25 tax year. This figure is £83 million higher than the same period last year, continuing a two-decade trend of increasing receipts. The previous full taxContinue Reading
More than half a million individuals are now paying up to 60 per cent in income tax on the top portion of their earnings, a record number caught in this punitive tax trap according to Bowmore Financial Planning. Salaries ranging between £100,000 and £125,000 fall into this tax anomaly. WhileContinue Reading
Online gambling has become a popular pastime in the UK, with many players enjoying the convenience and excitement of online casinos. However, a common question among both seasoned gamblers and newcomers is: how much do UK gamblers typically deposit in online casinos? Understanding deposit trends can provide valuable insights intoContinue Reading
The landscape of commercial mortgages is intimately linked to the broader economic climate. Changes such as fluctuations in the Bank of England’s base rate directly influence lending rates and investment decisions. In this article, we will explore these connections and provide insights from Henry Dannell’s financial experts on how businessesContinue Reading
Technical issues affecting a vital payment system has led to some house purchases being delayed, the Bank of England has warned. The glitches are impacting the central bank’s Chaps system which processes about £360 billion worth of transactions a day. It is used by high street banks, businesses, and individualsContinue Reading
The FTSE 100 nudged upwards on Thursday, but analysts urged caution after European Central Bank president Christine Lagarde warned about potential risks to economic growth across the bloc. The blue-chip index rose 17 points to end the day on 8,205, a 0.2% increase. It comes after the ECB kept interestContinue Reading
Trade unions are being asked to suspend any plans for strike action by council workers after local government leaders tabled a new pay offer. Cosla, which represents Scotland’s 32 local authorities, is now proposing a 3.2% wage hike, backdated to April, and said it is a “strong, fair and credible” offer.Continue Reading
Rachel Reeves has warned she will have to make “difficult decisions” as she seeks to “fix the foundations” of the public finances. The Chancellor is set to announce the date of her first budget before the Commons summer recess, as well as an assessment of the “spending inheritance” left behindContinue Reading
UK earnings growth has fallen back further amid mounting signs of a weakening jobs market, but wages are outstripping inflation at the fastest pace for more than two-and-a-half years, according to official figures. The Office for National Statistics (ONS) said average regular earnings growth dropped to 5.7% in the threeContinue Reading
