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:…

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…

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…

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…

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…

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 From April to June 2023, £4bn was withdrawn by…

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…

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…

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…