Category: Taxation

An online form for submitting requests for details about overlap relief will be available from HMRC from 11 September. The aim is to provide a straightforward way to submit requests and make sure that these are dealt with separately from…

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…

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…

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…

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…

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…

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…

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…

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…

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…