HMRC consults on draft making tax digital regulations

ICAEW’s Tax Faculty is seeking feedback on draft regulations and notices on MTD ITSA. The faculty has highlighted four key points for members to consider. Following the announcement on making tax digital income tax self assessment (MTD ITSA) at Autumn Statement 2023, HMRC has published revised draft regulations and notices for a short technical consultation.  The […]

HMRC consults on draft legislation on retained EU VAT law

The draft legislation and explanatory note clarify how VAT and excise law should be interpreted after changes made by the Retained EU Law (Revocation and Reform) Act 2023. The government has published draft legislation in relation to retained EU law for VAT and excise ahead of potential inclusion in the next finance bill. The legislation […]

Salary advances draft legislation may not work

Draft secondary legislation to simplify PAYE RTI reporting of salary advances needs amending if it is to work as intended where payments are made by third parties rather than by employers. HMRC intends to simplify the PAYE RTI reporting of salary advances so they are reported with the remainder of that salary. This is regardless […]

ICAEW responds to draft Finance Bill 2023-24 provisions

The Tax Faculty provided input on measures relating to the proposed merged R&D tax credit scheme, tougher measures for promoters of tax avoidance, changes to data HMRC collects from customers and abolishing the pensions lifetime allowance. A consultation on draft clauses for inclusion in Finance Bill 2023-24 was launched on 18 July. ICAEW’s Tax Faculty […]

UK government publishes draft border target operating model

The model is intended to strengthen the UK’s borders against biosecurity threats and illegal imports. On 5 April 2023, the UK government published its draft border target operating model (TOM). The TOM sets out a plan to realise the government’s 2025 border strategy. This is intended to strengthen the UK’s borders against biosecurity threats and […]

Tax Faculty responds to HMRC draft guidance on R&D tax relief

ICAEW’s Tax Faculty identifies a number of aspects and scenarios where considerable uncertainty remains in its response to HMRC’s draft R&D guidance. Changes to the research and development (R&D) tax relief rules will be introduced from 1 April 2023. HMRC published draft guidance on some of these changes on 22 December 2022. It includes five […]