Action required by those holding certificates of tax deposit
Certificates need to be used by 23 November 2023. The value on HMRC’s books is £89m. The deadline for using a certificate of tax deposit (CTD) to settle a tax bill is 23 November 2023. After that date, the normal process for making a withdrawal will apply. The current value of outstanding CTDs not […]
Tax news in brief 20 September 2023
Highlights from the broader tax news for the week ending 20 September 2023, including: mandatory disclosure regime guidance; EU taxation; stamp taxes on certain share issues and transfers; and VAT zero rate for patient group directions. MDR guidance published HMRC has published its guidance on the mandatory disclosure rules (MDR) legislation in its International Exchange of […]
ABAB survey explores tax administration burdens on business
The annual survey by the Administrative Burdens Advisory Board (ABAB) received a record number of responses. Burdens on business remain a significant concern and continue to increase. ABAB has published the findings from its annual Tell ABAB survey for 2022/23. ABAB received almost 7,500 responses, a significant increase on the average of about 3,000. The […]
Tax news in brief 6 September 2023
Highlights from the broader tax news for the week ending 6 September 2023, including: Autumn Statement date; and CFE tax conference. Autumn Statement date announced The Chancellor of the Exchequer, Jeremy Hunt, has announced that he will present the Autumn Statement 2023 to Parliament on 22 November. The Office for Budget Responsibility (OBR) has been […]
Tax news in brief 30 August 2023
Highlights from the broader tax news for the week ending 30 August 2023, including: HMRC service standards; advisory fuel rates; and a new HMRC technical manual. HMRC service standards The 22 August 2023 issue of Taxation Magazine contains an article by ICAEW’s Caroline Miskin on HMRC’s service standards. It explains that: ICAEW and other stakeholders […]
Tax news in brief 23 August 2023
Highlights from the broader tax news for the two weeks ending 23 August 2023, including: P11D concession for insolvency practitioners; a gender equal tax system in Europe; VAT refunds for organisations not registered for VAT; new HMRC toolkit; and HMRC contact information. Submission of P11Ds by insolvency practitioners HMRC announced in February 2023 that it […]
HMRC guidance on handling R&D tax relief claims
New guidance in HMRC’s corporate intangibles research and development (CIRD) manual focuses on procedures for companies with customer relationship managers but includes some points of wider interest that would also apply to smaller companies. The new guidance in HMRC’s corporate intangibles research and development (CIRD) manual can be found as an update to CIRD80370. From […]
Tax news in brief 9 August 2023
Highlights from the broader tax news for the week ending 9 August 2023, including: late payment interest on VAT or penalties; reporting requirements for platform operators; and SAYE bonus rates. Late payment interest if you do not pay VAT or penalties on time Businesses cannot appeal against a late payment interest charge. However, HMRC has […]
HMRC consults on changes to plastic packaging tax
The consultation explores the application of a mass balance approach to determine the amount of chemically recycled plastic in plastic packaging. Plastic packaging tax (PPT) is not charged on plastic packaging components that contain at least 30% recycled plastic. In theory, chemically recycled material can contribute to meeting this 30% requirement. In practice, the way […]
Tax news in brief 2 August 2023
Highlights from the broader tax news for the week ending 2 August 2023, including: professional standards for HMRC’s compliance work; basis period reform guidance; CCO investigations; deeds of assignment; and alcohol duty CDS code changes. Professional standards for HMRC’s compliance work HMRC’s customer compliance group has introduced a set of compliance professional standards that enquiry […]