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.
Tax authorities have taken a strong interest in R&D relief, addressing concerns about dubious claims. Recent measures aimed at curbing abuse have also affected legitimate claims, leading to criticism of HMRC’s approach. A new development involves the use of FA 1998, Sch 18 para 16 powers to remove claims from returns. This power is typically […]
In a collective letter addressed to the Financial Secretary, Victoria Atkins, the CIOT, ATT, LITRG, ICAS, and ICAEW have expressed their concerns about the government’s ability to achieve a meaningful simplification of the tax system. They emphasize that such an endeavor necessitates a well-defined plan, dedicated resources, clear accountability, and substantial investment. These organizations are […]
The reforms which merge the two existing R&D schemes as well as providing a higher rate of payable tax credit for loss-making R&D intensive SMEs
HMRC is consulting on proposed amendment regulations, which allow employers to delay reporting an advance payment of salary made to an employee until payment of the remainder of that salary instalment, where certain conditions are met. Employers would otherwise have to report the advance and regular payment of salary to HMRC separately.
In July 2023, UK tax receipts hit a record high of £80.7 billion, largely driven by income tax, which rose by 19% compared to July 2022. This increase suggests more people are moving into higher tax brackets. However, stamp duty land tax revenue decreased due to rising mortgage rates and fewer property transactions.
Form CT61 and tax paid for quarter ended 30 September 2023. Quarterly corporation tax instalment for large companies depending on accounting year end. Monthly EC sales list (paper return) – relevant only to a business selling goods based in Northern Ireland.
HMRC has published a consultation on the draft tax regulations which specify which assets are to be treated as structural assets of an insurance company’s long-term business. The regulations are expected to be made during autumn 2023 and will apply to accounting periods beginning on or after 1 January 2024. The consultation closes on 26 […]
In 2022-23 HMRC collected more than £70m in extra tax from multinational businesses making voluntary disclosures through the profit diversion compliance facility, according to multinational law firm Pinsent Masons.
HMRC are issuing One to Many (or ‘nudge’) letters from the end of August 2023 to those taxpayers who made a gift holdover claim in their 2021/22 tax returns, but either did not submit the necessary claim form, or the submitted form was unsigned by the donor and recipient. Recipients of these letters have 30 […]
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. […]