HMRC clarifies tax treatment of sole traders training costs
[ad_1] Tax relief may be claimed for training costs incurred to keep pace with advances in technology and practice in the person’s trade. HMRC has updated its guidance to provide greater clarity on the tax treatment of training costs incurred by the self-employed. The self-employed may deduct training costs in calculating their trading profit or […]
Help for members working in tax to meet CPD requirements
[ad_1] Thinking of using the Easter holidays to keep up to date in tax, and to complete some Continuing Professional Development (CPD) hours? ICAEW’s Tax Faculty can help you do it. ICAEW’s CPD requirements changed with effect from 1 November 2023. Members must identify which of three CPD categories they fall into and complete the […]
Taxpayers will start to use GOV.UK One Login
[ad_1] From May 2024, taxpayers accessing HMRC’s online services for the first time will be asked to create a GOV.UK One Login account. HMRC has announced that from May 2024, some taxpayers who do not have a Government Gateway account will be prompted to create a GOV.UK One Login account. At this stage GOV.UK One […]
Have your say on the UK’s carbon import tax
[ad_1] The government has asked for feedback on the scope, calculation and implementation of its new carbon border adjustment mechanism. HMRC and HM Treasury have published a consultation on the design and administration of a UK carbon border adjustment mechanism (CBAM). A CBAM applies a charge to imported goods based on the embedded emissions within […]
HMRC halts decision to restrict helplines
[ad_1] One day after announcing restrictions to its VAT, self assessment and PAYE helplines, HMRC has announced a change in approach. HMRC announced on 20 March that the changes to the self assessment, VAT and PAYE helplines publicised the previous day will all be halted while it engages with stakeholders. This means that the self […]
Employers & shareholders give HMRC more information
[ad_1] Draft regulations require employers to provide more details of employees’ hours to HMRC. Additionally, shareholders will need to provide details of close company shareholdings and dividends. HMRC is consulting on draft regulations that will change the information employers, directors and the self-employed are required to provide to HMRC from 6 April 2025. Employers will […]
Access to HMRC’s VAT helpline to be restricted
[ad_1] HMRC’s VAT helpline will only be open for the five business days ahead of the filing date each month. HMRC has also made permanent the changes to the taxpayer self assessment and PAYE helplines. HMRC has announced that, from 8 April 2024, its VAT general enquiries telephone helpline will only be available for the […]
HMRC corrects advice given on tax relief for boiler repairs
[ad_1] In 2023, HMRC issued a letter stating that boiler upgrades did not constitute a repair. However, HMRC is now contacting affected taxpayers acknowledging that this advice was incorrect. HMRC is set to issue a correction letter to wealthy taxpayers and their agents who received a letter from HMRC about property income and repairs in 2023. […]
Draft legislation published for some Spring Budget measures
[ad_1] The Spring Finance Bill contains legislation which increases the thresholds for the high income child benefit charge and abolishes multiple dwellings relief for SDLT. Finance (No. 2) Bill 2024 has been introduced into Parliament. The Bill sets the rates of income tax for 2024/25 and the rates of corporation tax for financial year 2025 […]
Tax news in brief 20 March 2024
[ad_1] Highlights from the broader tax news for the week ending 20 March 2024, including: HMRC’s framework for large businesses; new secondary legislation applying across a range of areas, including the off-payroll rules; maps of investment zones; and updated guidance on genuine HMRC contact. HMRC’s framework for co-operative compliance HMRC has published a set of […]