{"id":39169,"date":"2026-06-26T06:05:38","date_gmt":"2026-06-26T05:05:38","guid":{"rendered":"https:\/\/figsflow.com\/uk\/?p=39169"},"modified":"2026-06-26T06:05:58","modified_gmt":"2026-06-26T05:05:58","slug":"weekly-news-updates-for-uk-accountants-26-june-2026","status":"publish","type":"post","link":"https:\/\/figsflow.com\/uk\/weekly-news-updates-for-uk-accountants-26-june-2026\/","title":{"rendered":"Weekly News &amp;Updates for UK Accountants (22-26 June 2026)\u00a0"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"39169\" class=\"elementor elementor-39169\" data-elementor-settings=\"{&quot;element_pack_global_tooltip_width&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_width_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_width_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;element_pack_global_tooltip_padding&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_padding_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_padding_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true},&quot;element_pack_global_tooltip_border_radius_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;top&quot;:&quot;&quot;,&quot;right&quot;:&quot;&quot;,&quot;bottom&quot;:&quot;&quot;,&quot;left&quot;:&quot;&quot;,&quot;isLinked&quot;:true}}\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ff4db87 e-flex e-con-boxed e-con e-parent\" data-id=\"ff4db87\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b688fc8 elementor-widget elementor-widget-text-editor\" data-id=\"b688fc8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">This week brings a mix of upcoming compliance changes, regulatory updates, and consultations that UK accounting firms need to keep on their radar. The first MFA opt-in deadline for Agent Services Accounts is approaching, with firms needing to complete the process by midnight on 30 June 2026 if they want to choose their activation date. Meanwhile, changes to the Money Laundering Regulations are set to come into force on 30 June 2026.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Alongside these immediate actions, HMRC is consulting on two major proposals: new powers for direct recovery of tax debts from bank accounts and replacing the Lifetime ISA with a new First Time Buyer ISA.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Here is what practitioners need to know and the key actions to consider.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6a02d38 e-flex e-con-boxed e-con e-parent\" data-id=\"6a02d38\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b305640 elementor-widget elementor-widget-heading\" data-id=\"b305640\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">MFA becomes mandatory for all Agent Services Accounts by mid-October 2026 <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a7e23a3 elementor-widget elementor-widget-text-editor\" data-id=\"a7e23a3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">The first opt-in window closes at\u00a0midnight,\u00a030 June 2026. Firms that\u00a0submit\u00a0the online form before that deadline activate\u00a0MFA (Multi-factor authentication)\u00a0on 15 July and\u00a0retain\u00a0control over their transition\u00a0timing. Those that miss it will be migrated automatically between 28 September and 15 October, with no say in when it happens.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">HMRC recommends authenticator apps as the most reliable method. They work offline, require no mobile signal, and avoid the switchboard routing failures that affect voice-based verification. Before the activation date, firms should also confirm with their software providers that any automated sign-in processes will remain compatible under the new requirements.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span style=\"text-decoration: underline;\"><b>Key facts:<\/b>\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Submit the online form by midnight tonight (30 June 2026) to activate MFA on 15 July<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Second opt-in window:\u00a0submit\u00a0by 31 July 2026 for activation on 19 August<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Automatic migration for all remaining accounts: 28 September to 15 October 2026<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span class=\"TextRun SCXW258224774 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW258224774 BCX8\">Before the activation date, establish at least two administrators on the account, set up individual credentials for each member of staff, and remove anyone who has left the firm. A shared login across multiple users becomes a liability once MFA is in place.<\/span><\/span><span class=\"EOP Selected SCXW258224774 BCX8\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d94f7af e-flex e-con-boxed e-con e-parent\" data-id=\"d94f7af\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-786dd1f elementor-widget elementor-widget-heading\" data-id=\"786dd1f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Money Laundering Regulations Tighten From 30 June as EDD Scope Narrows <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e70bdf5 e-flex e-con-boxed e-con e-parent\" data-id=\"e70bdf5\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-494a95a elementor-widget elementor-widget-text-editor\" data-id=\"494a95a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 take effect from 30 June 2026. Two of the three substantive changes relax existing obligations. The third expands them.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><a href=\"https:\/\/figsflow.com\/enhanced-due-diligence-edd-explained\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Enhanced Due Diligence<\/span><\/a><span data-contrast=\"auto\">\u00a0is now only mandatory for transactions that are &#8220;unusually complex&#8221;, narrowing the\u00a0previous\u00a0&#8220;complex&#8221; threshold. The automatic EDD trigger for high-risk countries contracts to the<\/span><a href=\"https:\/\/www.fatf-gafi.org\/en\/publications\/High-risk-and-other-monitored-jurisdictions\/Call-for-action-february-2026.html\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">\u00a0FATF &#8220;Call for Action&#8221; list<\/span><\/a><span data-contrast=\"auto\">\u00a0only, removing the broader set of countries that previously applied. Grey list countries no longer trigger automatic EDD.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The expansion sits with Trust Registration Service obligations. Non-UK trusts holding UK land\u00a0acquired\u00a0before 6 October 2020 must now register, though a de minimis exemption covers certain low-risk and low-value trusts.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span style=\"text-decoration: underline;\"><b>Key facts:<\/b>\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">EDD mandatory threshold raised from &#8220;complex&#8221; to &#8220;unusually complex&#8221; transactions<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Automatic EDD now restricted to FATF &#8220;Call for Action&#8221; countries only; grey list countries removed<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Non-UK trusts holding UK land\u00a0acquired\u00a0before 6 October 2020 must register with the TRS<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Firms applying EDD to all complex transactions or to grey list countries have been over-reporting. Update your<\/span><a href=\"https:\/\/figsflow.com\/steps-of-an-aml-check-explained-for-accountants\/\"><span data-contrast=\"none\">\u00a0AML procedure<\/span><\/a><span data-contrast=\"auto\">s\u00a0today. For any practice with non-UK trust clients holding older UK land, check whether TRS registration is now\u00a0required.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ab98968 e-flex e-con-boxed e-con e-parent\" data-id=\"ab98968\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a736a48 elementor-widget elementor-widget-heading\" data-id=\"a736a48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">HMRC Consults on Taking Tax Debts Directly From Bank Accounts <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d0837d elementor-widget elementor-widget-text-editor\" data-id=\"3d0837d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">HMRC is consulting on powers to recover tax debts of up to \u00a310,000 directly from taxpayer bank accounts in monthly\u00a0installments. The measure targets persistent non-engagers who have the means to pay but are not responding to standard recovery routes.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Before acting, HMRC must issue a formal Pre-Deduction Notice. Affordability will be assessed using internal VAT, PAYE, and\u00a0Self Assessment\u00a0records alongside, potentially, Credit Reference Agency data from providers such as Experian or Equifax.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The detail drawing most scrutiny from professional bodies including CIOT and LITRG is the absence of a mandated minimum balance. The 2015 version of these powers included a \u00a35,000 floor. That safeguard is not in the current proposal, leaving open the possibility of vulnerable taxpayers being left without funds for essential costs.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span style=\"text-decoration: underline;\"><b>Key facts:<\/b>\u00a0<\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Debts up to \u00a310,000 recoverable via direct monthly instalments from bank accounts<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">No mandated minimum balance proposed, unlike the \u00a35,000 floor in the 2015 powers<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Consultation closes 28 August 2026<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559685&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><span data-contrast=\"auto\">Identify\u00a0any clients who have been persistently avoiding HMRC contact and carry debts within this range. Where the proposal raises concern, a consultation response before 28 August is the route to put that on record.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3f32e4d e-flex e-con-boxed e-con e-parent\" data-id=\"3f32e4d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d55e62a elementor-widget elementor-widget-heading\" data-id=\"d55e62a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Lifetime ISA Scrapped in Favour of a First Time Buyer ISA <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7c7327e elementor-widget elementor-widget-text-editor\" data-id=\"7c7327e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">HMRC has launched a consultation to replace the Lifetime ISA with a new First Time Buyer ISA. The case for change is clear in the data: in 2024-25, unauthorised withdrawal charges applied to 8% of all LISA accounts, meaning more holders lost money than used the product to buy a home.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The current 25% withdrawal charge does not simply claw back the government bonus. It takes 6.25% of the saver&#8217;s own contributions on top, penalising savers who needed access to their own money.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">Under the proposed FTB ISA, the 25% government bonus is deferred and paid only at the point of a first home purchase. The withdrawal penalty disappears as a result. Savers can retrieve their own funds without charge if circumstances change, and the property price caps\u00a0remain\u00a0unchanged at \u00a3450,000 for London and \u00a3250,000 elsewhere.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span style=\"text-decoration: underline;\"><strong>Key facts:\u00a0<\/strong><\/span><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Government bonus paid at completion only, not during the saving period<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Withdrawal of own contributions\u00a0permitted\u00a0without penalty under the new model<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Property price caps unchanged; consultation closes 17 August 2026<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/li><\/ul><p><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">For clients currently holding a LISA or considering one, the consultation outcome will\u00a0determine\u00a0whether they stay the course or wait for the new product. The 17 August deadline gives practitioners a short window to\u00a0submit\u00a0views on the cap levels or the bonus mechanics if they have clients directly affected.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bfd2935 elementor-widget elementor-widget-text-editor\" data-id=\"bfd2935\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><span class=\"TextRun SCXW87449796 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW87449796 BCX8\" data-ccp-parastyle=\"heading 2\">A<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW87449796 BCX8\" data-ccp-parastyle=\"heading 2\">l<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW87449796 BCX8\" data-ccp-parastyle=\"heading 2\">so<\/span><span class=\"NormalTextRun SCXW87449796 BCX8\" data-ccp-parastyle=\"heading 2\">\u00a0In\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW87449796 BCX8\" data-ccp-parastyle=\"heading 2\">The<\/span><span class=\"NormalTextRun SCXW87449796 BCX8\" data-ccp-parastyle=\"heading 2\">\u00a0News<\/span><\/span><span class=\"EOP Selected SCXW87449796 BCX8\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><a href=\"https:\/\/figsflow.com\/uk\/weekly-news-updates-for-accountants-19-june-2026\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Last week\u2019s round-up covering the stories that shaped the week for UK\u00a0practitioners<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><a href=\"https:\/\/figsflow.com\/uk\/how-to-onboard-mtd-clients\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">How to Onboard MTD Clients Efficiently in 2026 | FigsFlow<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><a href=\"https:\/\/figsflow.com\/uk\/law-firm-accounting-breaches\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Law Firm Accounting Breaches and SRA Closures | FigsFlow<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><a href=\"https:\/\/figsflow.com\/how-to-price-mtd-itsa-services-a-comprehensive-guide-for-accountants-tax-advisers\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Charge Your Worth: Guide to Pricing MTD ITSA Services<\/span><\/a><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d08de4c e-flex e-con-boxed e-con e-parent\" data-id=\"d08de4c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-90d073c elementor-widget elementor-widget-heading\" data-id=\"90d073c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8d2f06 elementor-widget elementor-widget-text-editor\" data-id=\"f8d2f06\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span data-contrast=\"auto\">This week\u2019s key actions focus on preparation and upcoming deadlines. The first MFA opt-in window closes at midnight on 30 June 2026, while the updated Money Laundering Regulations also come into force on the same date. Firms should complete MFA setup where needed and review AML procedures before the changes take effect.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">The two HMRC consultations on direct tax debt recovery and the proposed First Time Buyer ISA remain open until August, giving practitioners time to review the impact on affected clients and\u00a0submit\u00a0responses where relevant.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><p><span data-contrast=\"auto\">We publish these updates every week. Follow us to get next week&#8217;s round-up as soon as it lands.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4b4b60d e-flex e-con-boxed e-con e-parent\" data-id=\"4b4b60d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>This week brings a mix of upcoming compliance changes, regulatory updates, and consultations that UK accounting firms need to keep on their [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":39174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_tocer_settings":[],"footnotes":""},"categories":[78,67],"tags":[11],"class_list":["post-39169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-accountants","tag-compliance"],"acf":[],"_links":{"self":[{"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/posts\/39169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/comments?post=39169"}],"version-history":[{"count":5,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/posts\/39169\/revisions"}],"predecessor-version":[{"id":39175,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/posts\/39169\/revisions\/39175"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/media\/39174"}],"wp:attachment":[{"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/media?parent=39169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/categories?post=39169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/figsflow.com\/uk\/wp-json\/wp\/v2\/tags?post=39169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}