Welsh government consults on LTT multiple dwellings relief
[ad_1] The Welsh government is consulting on several changes to land transaction tax, including the abolition of multiple dwellings relief. The Welsh government has published a consultation seeking views on possible changes to the rules for land transaction tax (LTT). LTT may be charged where a person buys an interest in land in Wales. LTT […]
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 […]
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 […]
Government cuts NIC rates again for employees & self-employed
[ad_1] From 6 April 2024, the headline rate of NIC will fall from 10% to 8% for employees, and from 9% to 6% for the self-employed. The government will also consult on how it will abolish Class 2 NIC. At the Spring Budget 2024, the Chancellor announced cuts to the rates of national insurance contributions (NIC) […]
Government consults on options to reform tax administration
[ad_1] The government has published a call for evidence on HMRC’s enquiry and assessment powers, penalties, and safeguards. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to […]
ICAEW calls on the next government to simplify tax system
[ad_1] ICAEW recommends the publication of a tax simplification roadmap and investment in HMRC to improve performance and digital services. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an […]
Government responds to three consultations on customs measures
[ad_1] The responses set out next steps on measures to simplify customs import and export processes for traders. HMRC has announced a range of measures intended to simplify customs processes to reduce the administrative burden on business. This includes responses to consultations conducted earlier this year on: Introducing a voluntary standard for customs intermediaries In […]
Government Gateway messages requesting email confirmation
[ad_1] Members and their clients have reported receiving emails from the Government Gateway with a confirmation code to confirm an email address. If such requests are received, these should be reported to HMRC. HMRC advises that anyone who has received an email they haven’t requested, to verify a change to their online account, should ignore […]
UK government responds to venture capital reliefs report
[ad_1] The response suggests that the current sunset clauses for the enterprise investment scheme (EIS) and venture capital trusts (VCTs) will be extended beyond 2025. However, the response also pushes back on some of the committee’s other recommendations, including extending the company age and funding limits for these schemes. The initial report was published by […]
Government responds to professional bodies on HMRC service
[ad_1] The government has responded to an open letter to the Chancellor on HMRC service standards. The letter emphasises that digital services are the key to improved HMRC performance. On 10 May 2023, Victoria Atkins MP, Financial Secretary to the Treasury (FST), responded to the 1 March 2023 open letter from 10 professional bodies to the Chancellor […]