HMRC publishes pension schemes newsletter
[ad_1] HMRC has provided an update on the abolition of the lifetime allowance, as well as information on relief at source and pensions for retained firefighters. HMRC has published the Pension schemes newsletter 155. It provides an update on a range of issues, including the abolition of the lifetime allowance (LTA) and how the pension […]
HMRC challenges UK VAT status of online traders
[ad_1] HMRC will contact businesses believed to be non-established taxable persons (NETPs) for VAT purposes. The business will then have 30 days to challenge HMRC’s decision. HMRC will send a one-to-many letter from late January 2024 to businesses that it believes are NETPs for UK VAT purposes. The letter was first mentioned in Agent Update 112. […]
HMRC clarifies capital allowances rules for partnerships
[ad_1] HMRC has updated its guidance to make it clear that a partnership which includes a corporate member may claim capital allowances generally restricted to companies. These include the super deduction and full expensing. A partnership’s profits are calculated in accordance with the tax rules applying to its members, as follows: where the partners are […]
Agent dedicated line: HMRC restricts SA repayment queries
[ad_1] From Friday 22 December 2023, progress-chasing queries for self assessment repayments will be redirected to the digital ‘Where’s my reply?’ tool. When HMRC recently announced the restrictions to the self assessment (SA) helpline and agent dedicated line (ADL), it had said that it would deal with calls relating to SA filing, payments and repayments for […]
HMRC maintains approach to VAT treatment of fund management
[ad_1] Following a consultation, the government has confirmed it will keep a list-based approach to the VAT exemption for management of funds. In December 2022, the government published a consultation on the VAT treatment of fund management services. The consultation proposed to ensure current UK policy is included in UK law. This would establish the […]
HMRC reminds self-employed taxpayers about end of tax credits
[ad_1] On 6 December 2023, HMRC emailed self-employed taxpayers who are still claiming tax credits to remind them to check their tax credit and self assessment records in advance of migrating to universal credit. After many years, the end of tax credits is in sight. By the end of the 2023/24 financial year, HMRC plans […]
HMRC consults on draft making tax digital regulations
[ad_1] 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. […]
HMRC nudges online traders | ICAEW
[ad_1] Letters sent this month remind businesses to recognise sales for VAT and corporation tax purposes before the deduction of payment processor fees. Three letters are being sent to different business populations this month, from HMRC’s Large Business, Mid-Sized Business and Intelligence, and Surveillance and Border Control (ISBC) departments. All letters contain the same key message. […]
HMRC ceases providing tax clearance for MVLs
[ad_1] Clearance service withdrawn with immediate effect. This includes requests already received by HMRC that have not been responded to. HMRC’s latest Insolvency Guidance on 6 December 2023 announced that HMRC will no longer provide pre- and post- tax clearances in members’ voluntary liquidation (MVL) cases. Instead, insolvency practitioners (IPs) must close cases without tax […]
HMRC acts on tax repayment agents
[ad_1] ICAEW welcomes further HMRC action to protect taxpayers that use repayment agents. HMRC has acted on three fronts to counter the risks posed by some repayment agents. R40 (PPI) claims HMRC has been receiving a high volume of claims for repayment of tax deducted from interest on PPI claims. Some of the claims are […]