HMRC publishes extra guidance on lifetime allowance abolition
HMRC has published additional guidance for pension scheme administrators on a range of issues, including the abolition of the lifetime allowance. HMRC provides further guidance on the abolition of the lifetime allowance (LTA) in the latest issues of the pension schemes newsletter. This includes answers to more frequently asked questions (FAQs). HMRC has circulated a […]
New HMRC guidance on R&D tax relief
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 submissions […]
HMRC stops paper notifications for tax repayments
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 taxpayer […]
ICAEW gives five reasons to use the HMRC app
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 80 […]
HMRC clarifies tax treatment of sole traders training costs
Tax relief may be claimed for training costs incurred to keep pace with advances in technology and practice in the person’s trade. HMRC has updated its guidance to provide greater clarity on the tax treatment of training costs incurred by the self-employed. The self-employed may deduct training costs in calculating their trading profit or loss […]
HMRC halts decision to restrict helplines
One day after announcing restrictions to its VAT, self assessment and PAYE helplines, HMRC has announced a change in approach. HMRC announced on 20 March that the changes to the self assessment, VAT and PAYE helplines publicised the previous day will all be halted while it engages with stakeholders. This means that the self assessment […]
Employers & shareholders give HMRC more information
Draft regulations require employers to provide more details of employees’ hours to HMRC. Additionally, shareholders will need to provide details of close company shareholdings and dividends. HMRC is consulting on draft regulations that will change the information employers, directors and the self-employed are required to provide to HMRC from 6 April 2025. Employers will be […]
HMRC corrects advice given on tax relief for boiler repairs
In 2023, HMRC issued a letter stating that boiler upgrades did not constitute a repair. However, HMRC is now contacting affected taxpayers acknowledging that this advice was incorrect. HMRC is set to issue a correction letter to wealthy taxpayers and their agents who received a letter from HMRC about property income and repairs in 2023. The […]
Level of service provided by HMRC at “all-time low” says PAC
PAC has recommended more resources for HMRC so that it can meet its service standards. It has found that HMRC’s approach to off-payroll working is deterring legitimate economic activity. 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 […]
HMRC u-turns on double cab pickups
HMRC will continue to treat double cab pickups as goods vehicles for the purposes of the BIK and capital allowances rules. 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 […]