Tax news in brief 8 February 2023

Highlights from the broader tax news for the week ending 8 February 2023, including: managing staff access in the agent services account; annual tax on enveloped dwellings chargeable amounts for 2023/24; mandatory disclosure reporting; change to when postponed import VAT statements are available online; change to union customs code supplementary declaration submission date; updated transit […]

Plastic packaging tax proposed invoicing requirements scrapped

The requirement for a business to include a statement within an invoice to show that plastic packaging tax has been paid will no longer be introduced. It has long been HMRC’s intention to introduce a mandatory statement with an invoice to show that plastic packaging tax (PPT) has been paid. Originally this requirement was due […]

New HMRC interest rates for late and early tax payments

Following the Monetary Policy Committee decision to increase the Bank of England base rate to 4%, HMRC has announced increases to both interest charged on late paid tax and the rate paid on repayments of tax. As HMRC interest rates are linked to the Bank of England base rate, the decision on 2 February 2023 […]

Record numbers file self assessment tax returns on time

According to HMRC figures, more than 11.7m taxpayers filed their tax returns before the 31 January 2023 deadline. However, 600,000 taxpayers still missed the deadline. HMRC was expecting around 12.1m tax returns to be filed for the 2021/22 tax year. Of these expected returns, 11.4m were submitted on time, along with 0.3m unsolicited returns and […]

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 […]

Can you still claim tax relief for working from home?

Millions of workers were able to claim tax relief on expenses they incurred from working from home during the Covid-19 pandemic – but the rules have changed since then. Some people will still be eligible to make a claim for 2022-23 and beyond, but only in certain circumstances. If you were forced to work from […]

More to be done with tax policy to help achieve net zero

ICAEW’s Tax Faculty reflects on the tax recommendations contained in the government’s net zero review chaired by Chris Skidmore MP, the former energy minister. On 13 January 2023, Chris Skidmore MP published the final report Mission Zero: Independent Review of Net Zero. Four of the report’s 129 recommendations relate specifically to tax policy. One overarching […]

Tax news in brief 25 January 2023

Highlights from the broader tax news for the week ending 25 January 2023, including: Scottish Green Freeports; and HMRC guidance on penalty charges for trusts. Scottish Green Freeports announced Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have been jointly selected by the Scottish and UK governments to become Scotland’s first Green Freeports. […]

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 […]