Tax news in brief 17 April 2024
[ad_1] Highlights from the broader tax news for the week ending 17 April 2024, including: how Labour intends to close the tax gap; a change to the form for reporting a residential property gain; and new HMRC guidance for employers on giving foreign tax relief. Labour’s plan to close the tax gap The Labour Party […]
IESBA updates its ethical code in relation to tax planning
[ad_1] The International Ethics Standards Board (IESBA) has introduced new ethical provisions for accountants providing tax planning services. IESBA has updated its code of ethics to include detailed commentary on ethical requirements in relation to tax planning and related services. IESBA’s code of ethics forms the basis for ICAEW’s own ethical code. As a member […]
Reminder: Have your say on tax regulation
[ad_1] ICAEW’s Tax Faculty is reminding members that the deadline for responding to the government’s consultation on regulation of the tax profession is fast approaching. At the Spring Budget 2024, the government published a consultation on raising standards in the tax advice market. The consultation sets out three possible options for a strengthened regulatory framework. […]
Tax news in brief 10 April 2024
[ad_1] Highlights from the broader tax news for the week ending 10 April 2024, including: advance notification of disruption to HMRC services; advice for large businesses on contacting HMRC; and updated HMRC guidance on the process for claiming in-year refunds of CIS deductions. Some HMRC services unavailable between 12th and 16th April HMRC has advised […]
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 […]
New HMRC guidance on R&D tax relief
[ad_1] HMRC has published additional and updated guidance on the new regime for R&D tax relief. The new regime is discussed in the Tax Faculty’s latest podcast. ICAEW’s Tax Faculty is recognised internationally as a leading authority and source of expertise on taxation. The faculty is the voice of tax for ICAEW, responsible for all […]
Tax news in brief 3 April 2024
[ad_1] Highlights from the broader tax news for the week ending 3 April 2024, including a webinar on R&D tax relief from HMRC and updated HMRC guidance on when it will contact taxpayers. HMRC webinar on R&D tax relief HMRC’s next live webinar on research and development (R&D) tax relief will take place on 9 […]
HMRC stops paper notifications for tax repayments
[ad_1] A taxpayer receiving a repayment of corporation tax or income tax self assessment will no longer receive a letter notifying them of the repayment. From 8 April 2024, HMRC will not send a letter notifying the taxpayer or their agent that a corporation tax or income tax self assessment repayment has been made. The […]
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. […]
Tax news in brief 27 March 2024
[ad_1] Highlights from the broader tax news for the week ending 27 March 2024, including: NIC cuts effective from 6 April 2024; guidance on full-expensing; statutory notices to be sent to fishing boat owners; VAT refunds for museums and galleries; and how to recognise genuine contact from HMRC. National Insurance Contribution (NIC) cuts effective from […]