HMRC’s acknowledgement that its handling of some research and development (R&D) tax relief claims has not met its own standards and commitments under its charter, has been welcomed by the Chartered Institute of Taxation. In a letter to the institute, the tax authority says it is taking steps in response to improve its training and assurance processes. […]
Tax receipts for July 2023 were £80.7bn, the highest receipts on record for a month of July and the fourth highest month on record exceeded only by January 2023, 2022, and 2021, according to HMRC statistics. Noting that January and July are the biggest months for HMRC’s income tax receipts because these reflect the bi-annual […]
Ten key facts related to taxes and the public finances that will underlie the fiscal policy challenges and choices faced by citizens and governments in coming years are highlighted in a new report written by tax experts, they said ‘The tax and spend choices that face future governments are not enviable. The big picture choice […]
The online form for submitting requests for details about overlap relief will be available from 11 September, HMRC has announced. The planned date for the new form was 29 August, but in an update HMRC said: ‘Testing has highlighted the need for us to make some further refinements to the online service. This means […]
An online form for submitting requests for detail about overlap relief will be available from hmrc from 29th august.The aim is to provide a simple way to submit requests and make sure that these are dealt with separately from general post.tax payers with an accounting date other than 31 march or 5 april who are […]
HMRC paid more than £509,000 to individuals providing evidence about tax fraud in 2022-23, up from £f495,000 in 2012-22 and up 75% from the £290,000 paid five years ago, according to research by City law firm RPC. However, these payments are small given the size of the UK tax Gap and the exchequer could benefit […]
Customs Declaration Service (CDS) transition for exports will have a phased deadline. Some businesses can use CDS until 30 November 2023, while all others must switch by 30 March 2024. More information about the phased approach to CDS migration is available on GOV.UK.
Some 70% of digital transformations fail according to research. However this need not be the case says another firm which has suggested following steps.
The government is considering granting HMRC new powers to recover unpaid tax directly from digital wallets. This is in light of comments received in response to its earlier consultation on modernising tax debt collection from non-paying businesses.
HMRC’s new fuel rates for company cars, starting September 1, 2023, offer flexibility during the initial month of implementation. Employers can choose between previous and new rates, and supplement payments are optional. Hybrid cars are classified as petrol or diesel cars. These rates are eligible for VAT, but retaining receipts is vital. The advisory rate […]
HMRC emphasizes the procedure for rectifying payroll mistakes in prior tax years. Incorrect pay or deductions reported for 2020-21 onwards can be fixed by submitting a corrected full payment submission (FPS) with accurate year-to-date figures. For errors in the 2019-20 tax year, use an earlier year update (EYU) or a corrected FPS if feasible within […]
An online form for submitting requests for details about overlap relief will be available from HMRC from 11 September. The aim is to provide a straightforward way to submit requests and make sure that these are dealt with separately from general post. The planned date for the new form was 29 August but HMRC has […]