HMRC has published directions under SI 2003/282 regulations 3 and 10 in relation to claims for research and development. Summary These directions apply in relation to the delivery of: • advance notification to HMRC for R&D claims for accounting periods beginning on or after 1 April 2023 • additional information forms for R&D claims made […]
The tax debt balance at the end of June 2023 was £44.5bn, according to HMRC’s quarterly performance report for the first quarter of 2023-24. This is a reduction from £45.9bn at the end of March 2023 but a 6% increase on the £42bn it stood at in June last year. In the report, HMRC said: […]
The Luxembourg parliament has approved for ratification the double tax convention between Luxembourg and the UK which was signed on 7 June 2022.
The Chartered Institute of Taxation has expressed concerns that HMRC’s efforts to crack down on bogus research and development (R&D) tax relief claims is resulting in legitimate claims by small and medium-sized enterprises (SMEs) being rejected, with the increased bureaucracy leading to ‘a breakdown of goodwill and trust between HMRC and taxpayers and their agents’. […]
INCOME TAX – statutory residence test – taxpayer exceeding 45 days in the UK – whether taxpayer would not have been present at the end of each extra day but for exceptional circumstances beyond her control which prevented her from leaving the UK – HMRC’s appeal allowed
HMRC’s Agent update includes articles on the extension to 5 April 2025 for taxpayers to pay voluntary National Insurance contributions, influencing clients to complete their tax returns now, payment protection insurance R40 claims and overlap relief – preparing for the new basis of assessment.
As of August 1st, 2023, there will be a significant modification to the alcohol duty system. Moving forward, all alcoholic beverages will be taxed based on their alcohol by volume (ABV). This new approach will replace the existing system, which currently imposes four distinct taxes on beer, cider, spirits, wine, and made-wine.
HMRC has announced that nearly 28,000 individuals have utilized the HMRC app to renew their annual tax credits claim. It’s crucial for claimants to take action and renew or update their claim by 31 July to avoid the risk of having their payments stopped.
According to newly released data from HMRC, a substantial amount of £1.13 billion in research and development (R&D) tax relief was mistakenly awarded in 2020-21 due to errors and fraud. This figure accounts for 16.7% of all R&D tax relief payments, which is significantly higher than the previous estimate of 3.6% (£336 million) by HMRC. […]
The government is seeking input through consultations on ways to utilize the tax system to encourage employers in bolstering their employees’ access to occupational health services. Simultaneously, the Department for Work and Pensions is conducting a separate consultation on the potential of non-fiscal measures to further support the enhancement of occupational health provisions.
HMRC (Her Majesty’s Revenue and Customs) is currently conducting a trial of a specialized task force aimed at processing post items that are over 12 months old. The primary objective of this team is to significantly reduce the backlog of very old outstanding cases in the coming months. This initiative comes in response to prolonged […]
The removal of the pension lifetime allowance in this year’s Budget has had a profound impact on pension saving and retirement planning for individuals in higher tax brackets, according to recent findings by Investec Wealth & Investment, a wealth management firm. Their research reveals that over half (51%) of the surveyed individuals have taken action […]
