Drink return scheme deposits should fall outside scope of VAT

The Tax Faculty expresses concern that the proposed output VAT liability would fall on the wrong person. In ICAEW REP 42/23, ICAEW’s Tax Faculty expresses broad support for drink deposit return schemes (DRS) but stresses that the schemes should not create an excessive administrative burden on businesses affected by the schemes.  The faculty considers that […]

Scotland’s deposit return scheme delayed

The scheme that was due to commence in August will now be introduced on 1 March 2024. In a statement on 18 April, Scotland’s First Minister Humza Yousaf confirmed that Scotland’s deposit return scheme would be delayed to 1 March 2024. The additional time would be used to work with businesses to address concerns with […]

VAT provisions for drink deposit return schemes

Government publishes draft legislation detailing how VAT will be accounted for under statutory deposit schemes. With Scotland’s deposit return scheme being launched on 16 August 2023, the UK government has asked for feedback on its proposals for the VAT treatment of these schemes.   Under the proposals, the deposit amount will be excluded from the taxable […]

Public sector finances return to red

February fiscal deficit hits £17bn, while the cumulative deficit for 11 months of £132bn doesn’t include backdated public sector pay awards. The monthly public sector finances for February 2023 released on Tuesday 21 March 2023 reported a provisional deficit for the month of £17bn, which is a return to red after a surplus of £8bn […]

Opportunity to report UK property disposals on SA return only

Vendors disposing of UK residential property late in the tax year may be able to report via their self assessment tax return only, paying by 31 January, if they submit the return quickly enough. Normally when an individual sells a UK residential property at a gain, they are required to submit a capital gains tax […]

Paper return for UK property CGT reporting download form

The capital gains tax on UK property (CGT PPD) return has been published on HMRC’s website. Those submitting paper returns can now download the form instead of having to request it from HMRC by phone. Taxpayers who have sold a UK residential property at a gain must submit a CGT PPD return within 60 days […]

6 tips to file your tax return by midnight and avoid a £100 fine

The final deadline for self-assessors to file their 2021-22 tax returns is midnight tonight – failing to do so could result in a £100 fine. Last week, HMRC said it was still waiting for nearly 3.4 million people to file their returns. While many will have done so by now, there is often a last-minute […]

12 tips for buy-to-let landlords filing a 2021-22 tax return

The deadline for landlords to file their self-assessment tax returns for the 2021-22 tax year is creeping up, with the final cut-off on Tuesday 31 January. Those who forget or put off filing their return could be hit with an automatic £100 penalty plus further increases, so it’s important not to leave filing to the […]