Guidance for making R&D claims released
[ad_1] As HMRC issues its guidelines for compliance on what qualifies as R&D for tax purposes, ICAEW also reminds its members of the PCRT guidance relating to R&D tax services. The publication of HMRC’s latest guideline highlights the importance of correctly identifying whether a research and development (R&D) claim meets the necessary conditions to qualify […]
Public service pensions remedy guidance published
[ad_1] HMRC has released a suite of guidance for dealing with public service pensions that are affected by the McCloud remedy, including a tool for calculating the adjustment and making a claim. Changes were made to public service pensions in 2015 by the government. Most public sector workers were moved into reformed career average pension […]
HMRC updates guidance on charging company electric cars
[ad_1] HMRC accepts that no taxable benefit arises where an employer reimburses their employee for the cost of charging a company-owned, wholly electric car that is available for private use. ICAEW’s Tax Faculty highlighted that it considered HMRC’s guidance and tools for the tax treatment of the reimbursement of electricity costs did not reflect the […]
HMRC guidance on handling R&D tax relief claims
[ad_1] New guidance in HMRC’s corporate intangibles research and development (CIRD) manual focuses on procedures for companies with customer relationship managers but includes some points of wider interest that would also apply to smaller companies. The new guidance in HMRC’s corporate intangibles research and development (CIRD) manual can be found as an update to CIRD80370. […]
HMRC guidance on digital records and signatures
[ad_1] HMRC confirmed its position on digital records and signatures in agent update 110. ICAEW’s Tax Faculty is encouraging HMRC to conduct a wider review of this area. ICAEW and other professional bodies have sought clarity from HMRC on a number of issues concerning digital record keeping and signatures. There is scope for greater consistency […]
When can you rely on HMRC guidance?
[ad_1] HMRC has updated its statement on when taxpayers can rely on HMRC guidance. It is now framed within the context of how HMRC advice and information can help taxpayers. HMRC issues advice to taxpayers through publicly available guidance on its website and direct contact with the taxpayers. HMRC’s updated page now includes guidance on […]
Plastic packaging tax: detailed HMRC guidance on penalties
[ad_1] The penalties cover failing to register, submitting a late return, late payments and failing to meet other requirements of plastic packaging tax. On 14 April 2023, HMRC published detailed guidance on penalties applied to businesses that fail to comply with their plastic packaging tax (PPT) obligations. The penalties cover: failure to register or late […]
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 […]
Help HMRC develop guidance for digital platform reporting
[ad_1] HMRC is seeking feedback on specific points to assist in the drafting of guidance on the rules as they apply to the UK. New rules from the OECD require digital platform operators (such as Air BnB and Uber) to report details of sellers using their sites to the tax authority where the platform is […]
Tax Faculty responds to HMRC draft guidance on R&D tax relief
[ad_1] 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 […]