HMRC clarifies tax treatment of sole traders training costs
[ad_1] Tax relief may be claimed for training costs incurred to keep pace with advances in technology and practice in the person’s trade. HMRC has updated its guidance to provide greater clarity on the tax treatment of training costs incurred by the self-employed. The self-employed may deduct training costs in calculating their trading profit or […]
Help for members working in tax to meet CPD requirements
[ad_1] Thinking of using the Easter holidays to keep up to date in tax, and to complete some Continuing Professional Development (CPD) hours? ICAEW’s Tax Faculty can help you do it. ICAEW’s CPD requirements changed with effect from 1 November 2023. Members must identify which of three CPD categories they fall into and complete the […]
Have your say on the UK’s carbon import tax
[ad_1] The government has asked for feedback on the scope, calculation and implementation of its new carbon border adjustment mechanism. HMRC and HM Treasury have published a consultation on the design and administration of a UK carbon border adjustment mechanism (CBAM). A CBAM applies a charge to imported goods based on the embedded emissions within […]
HMRC corrects advice given on tax relief for boiler repairs
[ad_1] In 2023, HMRC issued a letter stating that boiler upgrades did not constitute a repair. However, HMRC is now contacting affected taxpayers acknowledging that this advice was incorrect. HMRC is set to issue a correction letter to wealthy taxpayers and their agents who received a letter from HMRC about property income and repairs in 2023. […]
Tax news in brief 20 March 2024
[ad_1] Highlights from the broader tax news for the week ending 20 March 2024, including: HMRC’s framework for large businesses; new secondary legislation applying across a range of areas, including the off-payroll rules; maps of investment zones; and updated guidance on genuine HMRC contact. HMRC’s framework for co-operative compliance HMRC has published a set of […]
Tax news in brief 13 March 2024
[ad_1] Highlights from the broader tax news for the week ending 13 March 2024, including: the publication of legislation providing for the Spring Budget NIC cuts; changes made by secondary legislation across a range of areas, including R&D tax relief, PAYE and CIS; new HMRC guidance on ISAs; and the opportunity to claim a refund […]
New R&D tax relief guidance ‘could be clearer’
[ad_1] ICAEW has identified areas of improvement for HMRC’s draft guidance on the new rules for research and development tax relief. ICAEW’s Tax Faculty has responded to HMRC’s consultation on its draft guidance for aspects of the new research and development (R&D) tax relief rules. The new rules apply to the ‘merged scheme’, which comes into […]
Tax news in brief 7 March 2024
[ad_1] Highlights from the broader tax news for the week ending 7 March 2024, including: commencement arrangements for the new merged scheme for R&D tax relief; the roll-out of one government login; and updated guidance from HMRC on when and how it will contact taxpayers. Start date confirmed for merged R&D tax relief Regulations have […]
Government aims to raise tax advice standards
[ad_1] The government is exploring options to raise standards in the tax advice market through a strengthened regulatory framework. The government has published a consultation on options to strengthen the regulatory framework in the tax advice market and require tax advisers to register with HMRC, if they wish to interact with HMRC on a client’s […]
Tax news in brief 28 February 2024
[ad_1] Highlights from the broader tax news for the week ending 28 February 2024, including: a new income tax exemption for the Champions League final; tips from HMRC on paying PAYE and filing an ATED return; and the EU’s new digital system for union goods. Income tax exemption for Champions League final The government has […]