Tax news in brief 17 April 2024
[ad_1] Highlights from the broader tax news for the week ending 17 April 2024, including: how Labour intends to close the tax gap; a change to the form for reporting a residential property gain; and new HMRC guidance for employers on giving foreign tax relief. Labour’s plan to close the tax gap The Labour Party […]
IESBA updates its ethical code in relation to tax planning
[ad_1] The International Ethics Standards Board (IESBA) has introduced new ethical provisions for accountants providing tax planning services. IESBA has updated its code of ethics to include detailed commentary on ethical requirements in relation to tax planning and related services. IESBA’s code of ethics forms the basis for ICAEW’s own ethical code. As a member […]
Payroll and rewards updates from ICAEW
[ad_1] ICAEW’s Tax Faculty has published a TAXguide on PAYE rates, thresholds and allowances, and produced a webinar on recent changes in employment taxes and related areas. The Tax Faculty’s latest webinar is available to watch on demand. The webinar gives an update on recent and forthcoming changes to payroll, rewards and employment taxes in […]
Reminder: Have your say on tax regulation
[ad_1] ICAEW’s Tax Faculty is reminding members that the deadline for responding to the government’s consultation on regulation of the tax profession is fast approaching. At the Spring Budget 2024, the government published a consultation on raising standards in the tax advice market. The consultation sets out three possible options for a strengthened regulatory framework. […]
Welsh government consults on LTT multiple dwellings relief
[ad_1] The Welsh government is consulting on several changes to land transaction tax, including the abolition of multiple dwellings relief. The Welsh government has published a consultation seeking views on possible changes to the rules for land transaction tax (LTT). LTT may be charged where a person buys an interest in land in Wales. LTT […]
Only five software products ready for MTD ITSA testing
[ad_1] Just five software products will be available at the launch of MTD ITSA private beta testing on 22 April. HMRC has revised the list of software products that support making tax digital income tax self assessment (MTD ITSA). Private beta testing of MTD ITSA is due to launch on 22 April 2024. HMRC has […]
HMRC publishes extra guidance on lifetime allowance abolition
[ad_1] HMRC has published additional guidance for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance. HMRC provides further guidance on the abolition of the lifetime allowance (LTA) in the latest issues of the pension schemes newsletter. This includes answers to more frequently asked questions (FAQs). HMRC has circulated […]
Tax news in brief 10 April 2024
[ad_1] Highlights from the broader tax news for the week ending 10 April 2024, including: advance notification of disruption to HMRC services; advice for large businesses on contacting HMRC; and updated HMRC guidance on the process for claiming in-year refunds of CIS deductions. Some HMRC services unavailable between 12th and 16th April HMRC has advised […]
New penalties to apply to taxpayers testing making tax digital
[ad_1] HMRC has explained how penalties will be charged where volunteers testing making tax digital income tax self assessment are late in making a payment or submitting a return. HMRC has published guidance on the late submission and payment penalties that apply where a person volunteers to test making tax digital income tax self assessment […]
Community amateur sports clubs asked to check their status
[ad_1] HMRC is writing to community amateur sports clubs and asking them to check if they are still eligible to stay within the scheme. A club can apply to register with HMRC as a community amateur sports club (CASC) where it meets the necessary conditions. By becoming a CASC, the club benefits from tax reliefs […]