In this episode, we discuss the government’s new measures to collect billions of pounds in unpaid taxes, as well as covering the key changes to ICAEW’s Code of Ethics, which come into effect on 1 July 2025.
 

Philippa Lamb is joined by Stephen Relf, Technical Manager, Tax; and Laura Hough, Director of Trust and Ethics.

This episode refers to penalty rates based on the Bank of England base rate, correct as of 1 May 2025. Make sure you check the current rates.

Time codes

00:28 Collecting unpaid taxes

06:04 Revisions to the Code of Ethics

Links

• HMRC: If you cannot pay your tax bill on time: https://www.gov.uk/difficulties-paying-hmrc
• ICAEW: Government takes further action to reduce tax debt: https://www.icaew.com/insights/tax-news/2025/mar-2025/government-takes-further-action-to-reduce-tax-debt
• ICAEW: HMRC increases interest rates for tax paid late: https://www.icaew.com/insights/tax-news/2025/mar-2025/hmrc-increases-interest-rates-for-tax-paid-late 
• ICAEW Code of Ethics: https://www.icaew.com/technical/trust-and-ethics/ethics/code-of-ethics
• ICAEW: Keep on top of developments in ethics: https://www.icaew.com/insights/viewpoints-on-the-news/2025/apr-2025/keep-on-top-of-developments-in-ethics 
• Accountancy Insights: Regulating tax advice, plus new professional behaviour wording: https://www.icaew.com/insights/podcast/accountancy-insights/regulating-tax-advice-plus-new-professional-behaviour-wording 

Host

Philippa Lamb

Guests

• Stephen Relf, Technical Manager, Tax, ICAEW
• Laura Hough, Director, Trust and Ethics, ICAEW

Producer

Natalie Chisholm 

Episode first published: 12 May 2025
Podcast recorded: 1 May 2025