New HMRC guidance on R&D tax relief
[ad_1] HMRC has published additional and updated guidance on the new regime for R&D tax relief. The new regime is discussed in the Tax Faculty’s latest podcast. ICAEW’s Tax Faculty is recognised internationally as a leading authority and source of expertise on taxation. The faculty is the voice of tax for ICAEW, responsible for all […]
New guidance on applying for help with paying IHT
[ad_1] HMRC has published guidance on applying for a grant on credit and on recent updates to tax rules and processes relevant to trusts and estates. It is possible to apply to HMRC for a grant on credit where a person is unable to raise the funds to pay inheritance tax (IHT) before probate. If […]
Improved process for paying voluntary NIC for periods abroad
[ad_1] A person living or working abroad can apply digitally to pay voluntary NIC to fill gaps in their record. A person who has lived or worked abroad may not have enough years of national insurance contributions (NIC) to qualify for the state pension or other benefits. They can fill gaps in their record by […]
Tax news in brief 3 April 2024
[ad_1] Highlights from the broader tax news for the week ending 3 April 2024, including a webinar on R&D tax relief from HMRC and updated HMRC guidance on when it will contact taxpayers. HMRC webinar on R&D tax relief HMRC’s next live webinar on research and development (R&D) tax relief will take place on 9 […]
HMRC stops paper notifications for tax repayments
[ad_1] A taxpayer receiving a repayment of corporation tax or income tax self assessment will no longer receive a letter notifying them of the repayment. From 8 April 2024, HMRC will not send a letter notifying the taxpayer or their agent that a corporation tax or income tax self assessment repayment has been made. The […]
Making tax digital testing to be launched
[ad_1] Agents will be invited to sign up clients later in April for making tax digital income tax self assessment. ICAEW will consider the pros and cons in a webinar. Making tax digital income tax self assessment (MTD ITSA) requires a taxpayer to keep digital records and send quarterly updates to HMRC using compatible software. […]
ICAEW gives five reasons to use the HMRC app
[ad_1] Join the 1.2m people a month using HMRC’s app to get tax information, stay up to date with tax payments and more. ICAEW’s Tax Faculty is urging individual taxpayers to download HMRC’s app. The app, which can be downloaded at the App Store or Google Play, is growing in popularity and was opened over […]
ICAEW reminds employers of minimum wage increases
[ad_1] The rates of the minimum wage will increase from 1 April 2024, and the national living wage is extended to younger employees. The national minimum wage (NMW) is the minimum amount per hour workers are entitled to be paid by law. Different rates apply depending on the category of the worker. The headline rate […]
Tax news in brief 27 March 2024
[ad_1] Highlights from the broader tax news for the week ending 27 March 2024, including: NIC cuts effective from 6 April 2024; guidance on full-expensing; statutory notices to be sent to fishing boat owners; VAT refunds for museums and galleries; and how to recognise genuine contact from HMRC. National Insurance Contribution (NIC) cuts effective from […]
HMRC’s VAT online service for agents to be decommissioned
[ad_1] Agents should use their agent services account to manage the VAT affairs of all clients going forward. HMRC has announced that it will phase out the remaining functionality from its legacy VAT services. From 16 April 2024, agents will no longer be able to use HMRC’s online service for agents to: submit a VAT […]