Hello,
In our last update of 2025, we report on an important but little-known 31 December 2025 registration deadline for some trusts and other entities, the December Employer Bulletin, VAT in the context of rotisserie chickens, and Inheritance Tax on Income Tax repayments due to an estate.
Changes made to the Automatic Exchange of Information (AEOI) regulations earlier this year mean that trusts and other entities considered to be a reporting Financial Institution or a Trustee Documented Trust are required to register with HMRC by 31 December 2025, even if they have no non-UK connections to report.
In Richard Thomas (as executor) v HMRC [2025] TC09716, the First Tier Tribunal (FTT) found that an Income Tax repayment formed part of a deceased taxpayer’s estate for Inheritance Tax (IHT) purposes.
HMRC have published their Employer Bulletin for December 2025. We have summarised the key content for you, which links to our detailed guidance on the topics covered.
Hello,
Last Thursday saw the publication of the 2025-26 Finance Bill, which, when passed, will legislate proposals such as the reform of Inheritance Tax and, from next May, the mandatory registration of tax advisers with HMRC.
HMRC and the Department for Business and Trade have released their consultation outcome, 'Promoting electronic invoicing across UK businesses and the public sector'. As a result of the consultation, the government is introducing mandatory electronic invoicing for all VAT invoices from 2029.
HMRC have released the outcome of their consultation on 'The taxation of decentralised finance (DeFi) involving the lending and staking of cryptoassets'. HMRC are considering deferring gains on certain DeFi lending and staking transactions until an economic disposal of the cryptoasset is made.
Missed our SME Tax Updates in November? Here is a summary of the month.
In County Insurance Services Limited v HMRC [2025] TC09697, the First Tier Tribunal (FTT) found that amortisation relief was not available on goodwill following a partnership's incorporation.
HMRC have released Employment-Related Securities (ERS) Bulletin 62. It contains details from Autumn Budget 2025, including on the Private Intermittent Securities and Capital Exchange System (PISCES), Enterprise Management Incentives (EMI) and the published summary of responses to the Share Incentive Plans (SIP) and Save As You Earn (SAYE) 2023 call for evidence.
