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Welcome to Henderson Loggie’s July newsletter. This month, we focus on Inheritance Tax (IHT), exploring key developments, planning opportunities and what they may mean for individuals, families and business owners. We also look at the change in the political landscape and what this could mean for tax. We hope you find this edition insightful and informative.
UK Political Leadership Changes: What Could They Mean for Tax and the Budget?
The appointment of Andy Burnham as Prime Minister and John Healey as Chancellor of the Exchequer marks a significant change in the UK’s political leadership and economic direction. Whilst it is too early to predict the detail of future tax policy, a change in Government often signals future tax reform.
With economic growth remaining subdued, public finances under pressure and demands on public spending continuing to rise, the Government is likely to face difficult fiscal decisions in the months ahead. There has been no date announced yet for a Budget but plenty of tax chat already.
The new Prime Minister has pledged a new economic approach while emphasising support for households, regional investment and economic growth. At the same time, the appointment of John Healey as Chancellor has been viewed as signalling continued fiscal discipline alongside economic reform. The direction of travel will become clearer as the Government sets out its medium-term fiscal plans and prepares for its first Budget.
MTD for Income Tax – Are You Ready for the Next Deadline?
Making Tax Digital for Income Tax is now underway and for those who are part of MTD for the year to 5 April 2027, the first quarter deadline is 7 August 2026. At Henderson Loggie we have been impressed with how well our clients have prepared for the first quarter. For those unfamiliar with MTD, it currently applies to individuals with qualifying income from self-employment and/or property exceeding £50,000.
If you think you might be affected and are not already signed up, get in touch.
We would like to thank the clients participating in MTD for their positive engagement and prompt action, and especially to the 5 clients who very kindly signed up last year as part of the pilot scheme to help us all prepare.
New Service: Inheritance Tax Reviews Now Available
Inheritance Tax is becoming an increasing concern for many individuals and families. With nil-rate bands frozen until 2030, changes to Business and Agricultural Relief from April 2026, and pension assets expected to form part of an individual’s taxable estate from April 2027, it is more important than ever to understand your potential exposure and plan accordingly.
To help clients navigate these changes, Henderson Loggie has launched a comprehensive Inheritance Tax Review available to all clients over the next 4 months.
The review includes:
- An initial meeting with one of our specialists to understand your current circumstances and objectives.
- An assessment of your potential Inheritance Tax exposure.
- A clear written report outlining our findings, highlighting potential planning opportunities and providing a no-obligation quotation for any recommended next steps.
The aim is to provide clarity on your current position and help identify practical steps that may be available to reduce future tax liabilities and preserve wealth for future generations.
Fee: £675 + VAT
If you, a family member, or someone you know may benefit from reviewing their estate planning arrangements, please contact our Private Client team to arrange an Inheritance Tax Review.
Inheritance Tax Planning for Business Owners and Farmers
Recent changes to Agricultural Property Relief (APR) and Business Property Relief (BPR) mean many business owners and farmers could face a larger inheritance tax liability than expected. Discover why early planning is more important than ever and the steps you can take to protect your estate and future generations.
July Payments on Account: A Reminder for Self-Assessment Taxpayers
If you’re self-employed or receive income that isn’t taxed at source, remember that the second Self-Assessment payment on account is due by 31 July .If you have a payment due, ensure it is paid by 31 July to avoid interest charges. If you have any questions about your payment or would like to discuss your tax position, please contact Henderson Loggie’s Private Client team.
