HMRC has issued a warning to Ebay, Vinted and Etsy users that they may need to register for self assessment

Have an eBay, Vinted or Air BnB account? HMRC has a £1000 warning

The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is 31 January 2026.

HMRC issues £1,000 warning and urges thousands to act now

Ridgefield Consulting is an independent, family-run firm of chartered accountants serving the Oxford and wider Oxfordshire area. They’re registered with both the ICAEW and ACCA, and their wealth of experience means they can offer their expertise to all sizes of businesses as well as private individuals. From self-assessment tax returns to company formation, and even claiming R&D tax credits, their dedicated approach is focused on meeting your needs and helping you achieve your goals. With a strong and proven reputation for delivering excellent quality service levels, they offer cost-effective and good value tax, accounting, and business support solutions. Contact them for a personalised no-obligation quote. 

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Lauren Wright

<ul><li>£7.1 billion in inheritance tax receipts collected in 2022/23. This is an increase of 17% from the prior year.</li><li>It is estimated that by 2027/28, 6.7% of deaths will trigger inheritance tax charges</li><li>The value of other exempted transfers included £1.8 billion to registered charities in 2020/21 which is an 11% increase from the prior year Analysis of Google search data reveals that online searches for “Inheritance Tax plans” exploded in The UK overnight by 2,400% on July 14th and have continued to rise since with a 900% rise in searches on August 6th alone. This is after reports of No10. Considering scrapping Inheritance Tax in its upcoming manifesto and HMRC reporting a rise of 17% of estates in the UK having to pay Inheritance tax, from 2020/21 compared to the previous tax year 2019/20. A new finding by the Chartered Accountancy firm <a href="https://www.ridgefieldconsulting.co.uk/">Ridgefield Consulting</a> reveals that online interest in the Term ‘Inheritance Tax planning’ and ‘Inheritance Tax’ skyrocketed overnight and has continued to rise in August after the announcement of the Conservatives debating on whether to abolish Inheritance Tax. Google search data shows from this announcement an unprecedented spike in people now interested in looking at Inheritance Tax planning. A spokesperson from Ridgefield Consulting offered their expert advice on the: “It is interesting to see how Inheritance Tax planning has gained momentum as individuals now more than ever are looking to secure their legacies for their loved ones and preservation of wealth for future generations whilst minimizing tax burdens. What was once a Tax for the wealthy is now affecting those who would see themselves as “Middle-class” and never anticipated finding themselves subject to a 40% tax rate” They also offered their top five tips on how to plan for Inheritance Tax: “Inheritance Tax is a specific tax is assessed on the value of a deceased individual's estate, making it one of the UK's most debated tax types. Currently set at a rate of 40%, this tax applies to any value exceeding the Inheritance Tax thresholds, including the nil rate band (NRB) of £325,000 and the residential nil rate band (RNRB) of £175,000.</li></ul> To plan for Inheritance Tax, we advise you to consider the following tips: 1. Assess your estate's viability for Inheritance Tax payment by determining if its total value exceeds the applicable thresholds. 2. If your main residence is passed on within the family, you may benefit from the RNRB threshold, exempting any family home worth under £175,000 from Inheritance Tax. 3. The inheritance Tax exemption applies to assets left to your spouse or civil partner, including any unused portions of your NRB and RNRB. 4. Donating assets to registered charities grants them exemption from Inheritance Tax charges. 5. A reduced rate may apply to assets left to other beneficiaries if at least 10% of your estate is donated to charity, making this an important consideration when planning for Inheritance Tax.” ENDS: For further information, please contact lauren@ridgefieldconsulting.co.uk. Data source: Google Trends Please find images attached. <img src="https://cdn.newspage.media/production/company/11042/files/c870bb58b9c5cf6e8275b4399741f09da0dfa9b379bacdf7b5895d5375db081a898c3b80de8d85537b6c1141888604895051f606846b606f4b9f9d8fb66d73ba.webp"> <img src="https://cdn.newspage.media/production/company/11042/files/a7ae1dc192dee572a1d60461750cbd1f4f46458ecf01d043b19d4d538fe9bf378d0023bca4306f2a807db50259feec0c0cd5fa28cc1da4234aa37f0e6aad6bc8.webp"><blockquote>“It is interesting to see how Inheritance Tax planning has gained momentum as individuals now more than ever are looking to secure their legacies for their loved ones and preservation of wealth for future generations whilst minimizing tax burdens. What was once a Tax for the wealthy is now affecting those who would see themselves as “Middle-class” and never anticipated finding themselves subject to a 40% tax rate”</blockquote>

Experts reveal how to plan for your Inheritance, after a 900% rise in searches of 'Inheritance tax plan'

Ridgefield Consulting is an independent, family-run firm of chartered accountants serving the Oxford and wider Oxfordshire area. They’re registered with both the ICAEW and ACCA, and their wealth of experience means they can offer their expertise to all sizes of businesses as well as private individuals. From self-assessment tax returns to company formation, and even claiming R&D tax credits, their dedicated approach is focused on meeting your needs and helping you achieve your goals. With a…

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