The UK's small business sector forms the backbone of the national economy. With 5.7 million SMEs operating across the country in 2025, including 5.4 million micro businesses, these enterprises represent 99.9% of all UK businesses. Yet according to tax experts, a significant number of these businesses are overpaying on property taxes and missing out on capital allowances that could provide much-needed funds for growth, hiring, and innovation.
The chancellor will assess self-assessment tax returns for the 2025-26 tax year, with findings expected to be published in 2026. It marks the first time the government has publicly confirmed that it is formally evaluating the consequences of ending the centuries-old tax regime. Non-dom status, which was scrapped in April, previously allowed wealthy UK residents to avoid paying British tax on income and assets held overseas by claiming their permanent home was abroad.
Rachel Reeves is under pressure to overhaul the UK's tax system after the Resolution Foundation urged her to cut employee national insurance contributions by 2p and offset it with an equivalent rise in income tax. The thinktank, which has close ties to senior Labour ministers, said the measure could raise an additional £6bn a year by spreading the tax burden across a wider pool of taxpayers, including pensioners, landlords and the self-employed.
In a report that will be closely scrutinised in the Treasury, it said an additional 6bn a year could be raised through a policy to cut employee national insurance by 2p, with a corresponding increase for all income tax bands. This is because income tax applies to a wider group of taxpayers than employee national insurance including pensioners, landlords and self-employed people.
Young professionals working in a range of industries may feel like they've "made it" when the cross over into the six-figure threshold. Making $100,000 per year has been a goal many have set out to attain, and it can take some time in certain industries to hit this target. But with approximately one-fifth of the U.S. population earning this much money, and the number of six-figure earners living paycheck to paycheck surging, this sum isn't what it once was.
Under the One Big Beautiful Bill, seniors will see their Social Security income shielded from federal taxes-an adjustment projected to benefit 100,000 retirees in the state. The White House reports that 88% of Social Security recipients will pay no federal income tax on those benefits beginning with the 2026 tax year. That's up from just 64% under previous law and represents 14.2 million additional seniors keeping more of their retirement income.
The Centre for the Analysis of Taxation warned that landowners were less likely to be impacted by inheritance tax reforms than working farmers, amidst ongoing debates about tax changes.
The new $6,000 senior deduction is a huge win for retirees. Having this extra deduction helps lower their taxable income. This means that more of their Social Security checks and retirement benefits stay in their hands instead of being taxed.
Residents in Great Falls, MT expressed intense frustration over skyrocketing property tax bills due to assessed values reflecting soaring home prices, demanding explanations from local officials.
"Childcare, as you know, has been seen as a personal problem for women and workers, but not an economic imperative. We knew we needed to get businesses to make the case..."
After a nearly day-long stalemate, House Republicans were able to get through the procedural vote on President Trump's massive tax and spending package, moving it forward to a floor debate.
House Republicans faced challenges in advancing President Trump’s tax and spending cuts package, dealing with skeptical lawmakers and pressure to finalize the bill before the July 4th deadline.
"Senate Republicans moved one step closer to ripping health care away from millions of Americans to pay for massive tax breaks for billionaires," Gov. Kathy Hochul said in a statement.
