Great news for employees! HMRC has just announced that you won’t face any additional tax charges when your employer covers the cost of electricity for charging your company car at home, whether it’s for business or personal use. But that’s not all – there are even more benefits without those pesky in-kind charges: 1.Free Home […]
Accountants face challenges with HMRC services, affecting productivity and efficiency. In a survey of UK ACCA members, 52% said HMRC service levels negatively impact them or their clients. Additionally, 93% called for improvements in key areas: reducing call waiting times, enhancing call handling systems, and better communication, particularly through email.
From April to September 2023, the UK collected £392.5bn in taxes, a £23.1bn increase from the same period in 2022. Key highlights include: Income tax, capital gains tax, and National Insurance receipts: £216.8bn, up by £11.5bn from 2022-23. PAYE receipts: £201.2bn, an increase of £10.8bn. Business tax receipts: £43.3bn, up by £7.7bn. VAT collected: £83.1bn, […]
individual landlords set up a limited company and an LLP, and transfer their properties to the LLP the individuals and the company are the members of the LLP (the company being the corporate member) The LLP allocates profits to individual members to keep them as basic-rate taxpayers. Any leftover profits go to the corporate member, […]
HMRC has initiated a widespread letter campaign addressing potential inconsistencies in benefit claims and the high-income child benefit charge within clients’ self-assessment returns for the fiscal year 2021-22. The correspondence outlines HMRC’s intention to reach out to agents, furnishing them with additional information. The goal is to empower agents to assist their clients in rectifying […]
Her Majesty’s Revenue and Customs (HMRC) has recently issued a reminder to employers regarding the permanent easement granted for reporting PAYE (Pay As You Earn) information in real time during the Christmas period. This announcement aims to streamline the reporting process for employers, particularly those who disburse payments ahead of the traditional payday during the […]
As of August 31, 2023, the Trust Registration Service reported 633,000 registered trusts and estates, with 75% registering between April 2022 and March 2023. Self-assessment returns by trusts and estates fell by 3% in 2021-22, part of a 12% decline since 2016-17. Total income in 2021-22 reached £3,075 million, surpassing pre-pandemic levels.
The data released under the Freedom of Information Act reveals that HMRC made 620 data requests to foreign tax authorities in 2022, nearly double the number in 2021 (322) and the highest number since 2018. This means that more UK tax residents with undisclosed foreign income will now receive inquiry letters from HMRC under the […]
Flexible pension withdrawals rose 15% in 2022-23 to £12.9bn, up from £11.2bn the previous year and £9.3bn the year before. Since 2015, the total value of taxable payments has surpassed £72.2bn. From April to June 2023, £4bn was withdrawn by 567,000 individuals in 1.3 million payments, with an average withdrawal of £7,143 per person. Sarah […]
The association’s active engagement in the legislative process is a testament to its commitment to fostering a transparent and compliant tax environment. By submitting detailed comments on the draft Finance Bill legislation, the association has demonstrated its dedication to ensuring that the regulatory framework is well-informed, practical, and in alignment with the needs of its […]
Almost half of all research and development (R&D) relief claims made between 8 August 2023 to 3 September 2023 were submitted to HMRC without the required additional information form (AIF) HMRC has revealed in its latest Agent Update. The department is writing to companies and their agents that have submitted claims for R&D tax relief […]
The Tax Deposit Scheme, closed for new purchases on November 23, 2017, allowed you to deposit money with HMRC for future tax payments, with the purchase date being the effective payment date. Existing certificates will be honored by HMRC until November 23, 2023.