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. […]
Repayment agent problems continue | ICAEW
[ad_1] ICAEW members are receiving reports of tax repayments being made to agents who are unknown to the taxpayer. ICAEW’s Tax Faculty explains how to report such cases to HMRC. Formal assignments of income tax repayments have been void since 15 March 2023. A transitional period during which assignments were treated as nominations ended on 20 […]
MTD ITSA announcement disappoints | ICAEW
[ad_1] The government has missed the opportunity to seriously reconsider its MTD ITSA policy. The decision on mandating MTD for the self-employed and landlords with turnover below £30,000 is to remain under review. In the Autumn Statement 2023, the government announced the outcome of its review into how making tax digital income tax self assessment […]
ICAEW concerned by burden of plastic packaging tax
[ad_1] In its response to HMRC’s consultation regarding plastic packaging tax, ICAEW noted that compliance costs often exceed the tax liability. ICAEW welcomed HMRC’s recent consultation to consider whether a ‘mass balance approach’ would allow more chemically recycled plastic to be used in plastic packaging, such that it qualifies for relief from plastic packaging tax […]
ICAEW welcomes proposed reforms to employee ownership trusts
[ad_1] A tax regime was introduced in 2014 to allow company owners to sell their companies to trusts that are run for the benefit of the employees. Overall, the regime has worked well but several changes were proposed by HMRC in a consultation document to ensure the regime better meets its objectives. The first main […]
ICAEW and other bodies request action on tax simplification
[ad_1] Meaningful tax simplification requires a clear plan, focused resource, accountability, and investment, say the professional bodies. On 5 April 2023, ICAEW together with the Chartered Institute of Taxation, Institute of Chartered Accountants of Scotland, Association of Taxation Technicians and Low Incomes Tax Reform Group, wrote to the Financial Secretary to the Treasury (FST). The […]
ICAEW welcomes HMRC proposals on Terminal Markets Order
[ad_1] The Terminal Markets Order needs updating, but ICAEW questions why the proposed simplification doesn’t go further. HMRC’s consultation on reforming the Terminal Markets Order (TMO) proposed to modernise the legislation that underpins the VAT treatment of certain wholesale commodity transactions. In its response, ICAEW’s Tax Faculty agreed that the TMO needed modernising. It was […]
ICAEW comments on decarbonising UK energy production
[ad_1] In its response to a consultation on the UK’s oil and gas fiscal regime, ICAEW stressed the dangers of overreliance on oil and gas to meet current and future energy demand and highlighted the opportunities that can be created from investment in low carbon technology. The consultation response highlights the fact that, while half of […]
ICAEW responds to draft Finance Bill 2023-24 provisions
[ad_1] 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 […]
ICAEW comments on the future of customs declarations
[ad_1] ICAEW welcomes the exercise to simplify customs declarations, but cautions against changes with unintended consequences. HMRC’s call for evidence on the future of customs declarations sought views on potential simplifications to customs declarations for imports and exports. It also considered the way that businesses use technology to facilitate the completion of customs declarations and […]