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 […]
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 […]
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 […]
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 […]
OPW offset rules to be introduced from April 2024
[ad_1] The Autumn Statement confirms a welcome new power to offset tax following a correction to an employment status determination. Currently, when HMRC finds that a client has made a mistake in applying the off-payroll working rules, the deemed employer is assessed for income tax, national insurance contributions (NIC) and the apprenticeship levy (where relevant). […]
Employer Bulletin: April 2023 | ICAEW
[ad_1] ICAEW’s Tax Faculty shares highlights from the latest edition of HMRC’s Employer Bulletin. HMRC published its latest Employer Bulletin on 19 April, setting out its current views on employment taxes policy and operational issues that affect payroll and benefit-in-kind (BiK) reporting. While the Tax Faculty highlights the following points, there are others in the bulletin […]
Tax news in brief 26 April 2023
[ad_1] Highlights from the broader tax news for the week ending 26 April 2023, including: ABAB annual survey; OSS VAT return added to business tax account; update to HMRC’s residence guidance; tax credit renewals; and VAT road fuel scale charges. Administrative Burdens Advisory Board (ABAB) annual survey The annual Tell ABAB Survey 2023 is now […]
Tax news in brief 19 April 2023
[ad_1] Highlights from the broader tax news for the week ending 19 April 2023, including: closure of online VAT return; PAYE direct debits; TRS reporting requirements; interest rate increase for discounted gift trusts; NMW campaign; Finance Bill amendment for R&D; closure of the DAC6 reporting service; and Tax Administration and Maintenance Day. Online VAT return […]
Guidance for pension protection post 6 April 2023
[ad_1] HMRC has published guidance regarding how to safeguard pension protection, following the pension changes announced at Spring Budget 2023. Care should be taken as the rules differ depending on the date the LTA protection application was received by HMRC. At Spring Budget 2023, Chancellor Jeremy Hunt announced that from 6 April 2023 the pension […]
Tax news in brief 12 April 2023
[ad_1] Highlights from the broader tax news for the week ending 12 April 2023, including: pension lump sums; HMRC’s Digital Disclosure Service; digital services tax; partnerships holding UK residential property; till system disclosures; and disguised remuneration instalment arrangements. Lump sum process for pension scheme administrators Following the announcement that the lifetime allowance (LTA) charge will […]