Advisers at breaking point
Fear of yet more regulation is the main issue keeping a third of advice business owners awake at night
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Industry
Industry related news and events
Pensioners slam the ‘most unfair tax in Britain’ as HMRC rakes in billions
Pensioners are slamming the “most unfair tax in Britain” as HM Revenue and Customs (HMRC) rakes in billions from an unpopular levy.
A new survey has found a majority of high-earning Britons are in favour of cutting the rate of inheritance tax (IHT).
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Start-up firms frustrated by HMRC’s ‘slowness and lack of communication’
The slowness of the UK’s tax authority HMRC is holding back entrepreneurs, according to a business group.
Buy Women Built (BWB) says its members have been left frustrated when trying to access tax incentive schemes designed to support start-ups.
The group said trying to contact HMRC was “very difficult” and in some cases delays in receiving the tax credits meant firms could not pay bills.
HMRC said “the overwhelming majority” of all valid claims were paid on time.
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London AI firm with 29-year-old founder achieves billion-dollar valuation after fresh funding round
An AI business founded by a 29-year old London tech entrepreneur is now worth more than $1 billion dollars after a fresh funding round in signs the capital is cementing its status as Europe’s foremost artificial intelligence hub.
ElevenLabs, which uses AI to generate voices use for video dubbing, has hit the unicorn milestone less than two years after its launch following a $80 million Series B funding round led by US venture capital firm Andreessen Horowitz.
Advisers struggling to explain VCTs and EIS in ‘a simple way’
There are advisers who have never engaged with the venture capital trust (VCT) and the enterprise investment scheme (EIS) markets, Puma Capital has suggested.
The group’s founder and chief executive David Kaye told Money Marketing some advisers are reluctant to explain what they are due to the “complexity” behind them.
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VCTs have ‘record breaking’ year as investors rise by 32%
Government data found 2021-22 was a “record breaking” year for venture capital trusts as investors increased by 32 per cent.
The data showed the number of VCT investors who claimed income tax relief rose to 25,800 in 2021-22.
This covers those that made claims through self-assessment rather than other forms, like PAYE.
HMRC said the increase in investment in the period could show the impacts of the pandemic were lower than expected.
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Chancellor hints at further tax cuts ahead of Budget
Chancellor Jeremy Hunt has indicated further tax cuts could be on the cards, at the World Economic Forum in Davos last week (January 18).
Speaking to a group of journalists in Davos – including the Financial Times – Hunt described lower tax economies like North America and Asian as “more dynamic and more competitive” saying this was the direction he wanted to move in.
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IHT receipts on track to ‘break all previous records’
Inheritance tax receipts are on a trajectory to “break all previous records” as they continue to rise year-on-year, according to recent data from HM Revenue and Customs.
In its monthly bulletin for tax receipts and National Insurance contributions, HMRC revealed inheritance tax receipts for April to December 2023 reached £5.7bn.
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UK NCSC publishes advice for high risk users
The UK National Cyber Security Centre has published guidance for high risk users on how to protect themselves from directed attacks. We think this provides good advice to our users who, for financial reasons, may be the subject of a targetted attack and have added our own points below.
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Industry experts react to HMRC data that shows record year for EIS and SEIS
Earlier today, HM Revenue & Customs released its latest Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) data for 2021 – 22 highlighting that the schemes had seen record-breaking years.
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