The House of Lords has expressed their support for amending the Economic Crime and Corporate Transparency Bill by widening the scope of the proposed failure to prevent fraud offense. The amendments approved by the House include the extension of the offense to encompass the failure to prevent money laundering as well..
Following the recent inquiry conducted by the Public Accounts Committee (PAC) on the implementation of making tax digital (MTD), the Chartered Institute of Taxation (CIOT) shares the perspective that digitalization holds the potential to enhance the efficiency and effectiveness of the tax system. However, the CIOT emphasizes the importance of allowing digitalization to evolve naturally, […]
The benefits of expanding tax relief for the installation of energy-saving materials (ESMs) in buildings may not be fully realised unless the government puts in place special rules enabling relief to be granted even where the installation is part of wider refurbishment work, according to the Chartered Institute of Taxation.The government has set a target […]
An estimated 8.8% of the UK adult population were identified as participating in the hidden economy, according to research from HMRC. This figure has almost doubled since 2015-16 when the percentage was 4.9% Another 4.8% of the population were identified as being possibly involved in the hidden economy, up from 0.6% in 2015-16. The research suggests there […]
According to a recent study, more than 50% of accountants’ clients are worried about the potential impact of increased complexity surrounding research and development (R&D) tax relief on their cashflow. The research findings indicate that accountants share this concern, with approximately 61% of those surveyed stating that the alterations to the R&D tax relief scheme […]
HMRC’s latest avoidance spotlight draws attention to a dividend diversion scheme used to fund the cost of education fees. The spotlight explains that the arrangements are aimed at individuals who are the directors and main shareholders of a company and that they work broadly as follows: Company issues a new class of shares which usually entitles the […]
In the tax year 2021-22, 4,480 companies raised a total of £2,305m of funds under the enterprise investment scheme (EIS). This is the highest number of companies and total amount raised since the scheme was introduced. Funding has increased by 39% from 2020-21, when 3,765 companies raised £1,662m. Latest figures from HMRC show that money invested in […]
HMRC is increasing interest rates for late payments for most taxes after the Bank of England’s decision to increase the base rate to 4.5%. From 22 May 2023, the rate for late paid corporation tax quarterly instalment payments is 5.5%, while the rate paid on overpaid quarterly instalment payments and on early payments of corporation tax […]
1 June 2023 Payment of corporation tax liabilities for accounting periods ended 31 August 2022 for small and medium-sized companies where payment is not required by instalments. Check for revised HMRC advisory fuel rates. 7 June 2023 Electronic filing and payment of VAT liability for quarter ended 30 April 2023. 14 June 2023 Quarterly corporation […]
HMRC began issuing P9 notice of coding email notifications to employers on 6 February 2023 and expects to complete the process by 5 March 2023. The notice advises that employees’ coding for the tax year starting 6 April 2023 can be viewed within the PAYE online account. Paper notices should arrive with employers on or […]
The government has extended the voluntary National Insurance deadline to 31 July 2023 to give taxpayers more time to make contributions for the years from April 2006 to April 2017. The original deadline was 5 April 2023. All voluntary contributions will be accepted at the 2022-23 rates until 31 July. As part of transitional arrangements […]
The second-hand motor vehicle payment scheme is being introduced on 1 May 2023 and will allow VAT-registered businesses to claim a VAT-related payment if they buy a second-hand vehicle in Great Britain – England, Scotland and Wales – and move it to Northern Ireland for resale. In the latest Agent Update, HMRC reminds businesses that from 1 May, […]