Families should reconsider claiming child benefit from 6 April
[ad_1] Approximately 180,000 families are encouraged to reconsider claiming child benefit in light of changes to the high income child benefit charge, which apply from 6 April 2024. The high income child benefit charge (HICBC) claws back child benefit in full where the adjusted net income of the highest earner in the household exceeds the […]
Tax news in brief 13 March 2024
[ad_1] Highlights from the broader tax news for the week ending 13 March 2024, including: the publication of legislation providing for the Spring Budget NIC cuts; changes made by secondary legislation across a range of areas, including R&D tax relief, PAYE and CIS; new HMRC guidance on ISAs; and the opportunity to claim a refund […]
New R&D tax relief guidance ‘could be clearer’
[ad_1] ICAEW has identified areas of improvement for HMRC’s draft guidance on the new rules for research and development tax relief. ICAEW’s Tax Faculty has responded to HMRC’s consultation on its draft guidance for aspects of the new research and development (R&D) tax relief rules. The new rules apply to the ‘merged scheme’, which comes into […]
Spring Budget 2024: the measures you missed
[ad_1] ICAEW’s Tax Faculty scans the Spring Budget documents for other tax-related announcements that didn’t make the headlines. ICAEW’s Tax Faculty covered all the major Spring Budget measures on the day. This includes: A selection of other announcements is included below. It is expected that Spring Finance Bill 2024 will be introduced shortly. Tax administration […]
Cryptoassets: new ICAEW guidance and government consultation
[ad_1] ICAEW’s Tax Faculty has published two TAXguides on the taxation of cryptocurrency. The government is consulting on the implementation of the Cryptoasset Reporting Framework. Cryptocurrency is a form of cryptoasset that makes use of a distributed ledger technology called blockchain. There are no specific UK tax rules for cryptocurrency, so existing provisions are applied to […]
More guidance released on lifetime allowance abolition
[ad_1] HMRC has responded to feedback on the abolition of the pension lifetime allowance rules. Detailed guidance has been published and amendments will be made to the legislation, effective from 6 April 2024. HMRC’s latest Lifetime allowance guidance newsletter contains further guidance on the implications of the pensions lifetime allowance abolition. The guidance includes 38 […]
Errors made in applying the corporate interest restriction
[ad_1] HMRC has identified a number of common errors made by companies and agents in respect of the corporate interest restriction. The corporate interest restriction (CIR) is an annual cap on the amount of tax relief a company or group may claim for finance costs. Where CIR applies for a group, a reporting company should […]
Tax news in brief 7 March 2024
[ad_1] Highlights from the broader tax news for the week ending 7 March 2024, including: commencement arrangements for the new merged scheme for R&D tax relief; the roll-out of one government login; and updated guidance from HMRC on when and how it will contact taxpayers. Start date confirmed for merged R&D tax relief Regulations have […]
Chancellor abolishes FHL treatment and changes SDLT MDR
[ad_1] From April 2025, taxpayers will no longer be able to treat their property business as a furnished holiday let (FHL). Stamp duty land tax multiple dwellings relief (SDLT MDR) will be abolished from 1 June 2024. At the Spring Budget 2024, the Chancellor announced that the special tax regime for FHLs will be abolished […]
Government aims to raise tax advice standards
[ad_1] The government is exploring options to raise standards in the tax advice market through a strengthened regulatory framework. The government has published a consultation on options to strengthen the regulatory framework in the tax advice market and require tax advisers to register with HMRC, if they wish to interact with HMRC on a client’s […]