New penalties to apply to taxpayers testing making tax digital
[ad_1] HMRC has explained how penalties will be charged where volunteers testing making tax digital income tax self assessment are late in making a payment or submitting a return. HMRC has published guidance on the late submission and payment penalties that apply where a person volunteers to test making tax digital income tax self assessment […]
Making tax digital testing to be launched
[ad_1] Agents will be invited to sign up clients later in April for making tax digital income tax self assessment. ICAEW will consider the pros and cons in a webinar. Making tax digital income tax self assessment (MTD ITSA) requires a taxpayer to keep digital records and send quarterly updates to HMRC using compatible software. […]
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. […]
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 […]