Public sector finances return to red

February fiscal deficit hits £17bn, while the cumulative deficit for 11 months of £132bn doesn’t include backdated public sector pay awards. The monthly public sector finances for February 2023 released on Tuesday 21 March 2023 reported a provisional deficit for the month of £17bn, which is a return to red after a surplus of £8bn […]

ICAEW-hosted Labour Business Network analyses Spring Budget

Business rates, SME late payments and net zero were among subjects tackled by Shadow Secretary of State for Business and Industrial Strategy, Jonathan Reynolds MP, in an ICAEW-hosted business Q&A. Labour MP Jonathan Reynolds, Shadow Secretary of State for Business and Industrial Strategy, criticised last week’s Budget for failing to adequately address issues facing small […]

Key measures in Spring Finance Bill 2023

The Finance (No. 2) Bill 2022/23 includes Spring Budget announcements such as the full expensing first-year capital allowance, abolition of the pension lifetime allowance charge and investment zones. While the government has already consulted on several of the clauses in Finance (No.2) Bill 2022-23, in draft legislation released on 20 July 2022, many of the […]

Customs Declaration Service: have you been charged twice?

A recent major incident with the service has caused some declarants to make import declarations twice, meaning taxpayers may have been charged twice for the same movement. From 7 March to 16 March 2023, HMRC experienced an issue that affected some import declarations submitted through the Customs Declaration Service (CDS). Although approximately 97% of declarations […]

Environmental land management reliefs | ICAEW

The government is implementing frameworks to support private investment in nature’s recovery. Ecosystem service markets can assist in achieving the UK’s wider net-zero strategy, but there is uncertainty about how the current tax rules apply. A consultation on environmental land management was announced at the Spring Budget 2023. This talks through the issues concerning applying […]

Update to meaning of R&D for tax purposes

ICAEW’s Tax Faculty highlights changes to the guidelines and legislation on the meaning of research and development for tax purposes. As announced at the Spring Statement 2022, pure mathematics will qualify as R&D for tax purposes from April 2023. This necessitated an update to the government’s guidelines on the Meaning of research and development for […]

Significant changes ahead for business rates

ICAEW’s Tax Faculty explains the technical changes to the business rates system announced alongside the Spring Budget. Following a consultation, technical changes are being introduced to allow for several significant changes to be made to the business rates system. Ratepayers will need to notify the Valuation Office Agency (VOA) within 60 calendar days of any […]

Tax news in brief 22 March 2023

Highlights from the broader tax news for the week ending 22 March 2023, including: reporting issues with the CDS; and EMI changes. Reporting issues with the Customs Declaration Service Traders or their agents who encounter problems using the Customs Declaration Service (CDS) to move goods across the border can now report the problem using a […]

Spring Budget 2023: Tax administration and simplification

ICAEW’s Tax Faculty outlines proposals announced at Spring Budget 2023 that aim to improve and simplify tax administration. Disappointingly, there is no additional funding to improve HMRC’s service performance. Prior to the Budget, ICAEW called for action to address poor HMRC service standards. Unfortunately, the government has not responded, although it is not clear whether HMRC […]

VAT and duties changes in the Spring Budget

Find out more about changes to rates, DIY housebuilder claims and the VAT healthcare exemption. In an attempt to ease pressure on GP services, the Chancellor will extend the VAT exemption on healthcare from 1 May 2023 to include medical services carried out by staff who are directly supervised by registered pharmacists. The zero rate […]