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Pension schemes newsletter 140: June 2022

HMRC has published pension schemes newsletter 140, to update stakeholders on the latest news and updates regarding pension schemes.

30 Jun 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

First Step to Scottish Government’s Fiscal Framework review

The UK and Scottish Governments have announced that an independent report has been commissioned to evaluate the block grant adjustment funding arrangements for tax and welfare devolution against the principles agreed by the Smith Commission.

30 Jun 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

Weekly roundup of HMRC manual changes: 27 June 2022

27 June 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

27 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

Technical consultation: The Stamp Duty Land Tax (Service of Documents) Regulations 2022

HMRC has launched a technical consultation seeking views on draft regulations that would allow documents to be served at a company’s registered address and the address provided on the Stamp Duty Land Tax (SDLT) return. The consultation runs until 22 July 2022.

24 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

SI 2022/690 The Research and Development (Qualifying Bodies) (Tax) (Amendment and Further Prescribed Bodies) Order 2022

This Order removes the Lomonosov Moscow State University from the list of qualifying bodies, payments to which are eligible for research and development (R&D) tax credits and reliefs.

23 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

HMRC launches consultation on raising standards in the tax advice market

HMRC has launched a consultation seeking views on proposed measures to address consumer protection issues for people who claim tax refunds through repayment agents. The consultation, which is part of the government’s agenda to raise standards in the market for tax advice, closes on 14 September 2022.

22 Jun 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

HMRC increases late-payment interest rates

HMRC has increased the interest rates for late payments of tax following the Bank of England’s decision on 16 June 2022 to increase the bank base rate from 1% to 1.25%.

20 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

New HMRC tool for National Insurance Contributions (NIC) changes

HMRC has launched a new tool that can be used to estimate the impact of the recent NIC changes on employees. This tool is not suitable for the self-employed.

20 Jun 2022 00:00 | Published by a Tolley Employment Tax expert

Weekly roundup of HMRC manual changes: 20 June 2022

20 June 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

20 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

HMRC updates guidance on voluntarily signing up to MTD for Income Tax

HMRC has updated its Making Tax Digital for Income Tax guidance, to expand the criteria setting out who can sign up on a voluntary basis.

16 Jun 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

Money Laundering regulations: consultation responses

HMRC has published responses to the consultation on draft legislation amending the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations,

16 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

Calculating Class 1 NICs in freeport tax sites

The ICAEW Tax Faculty has provided guidance to clarify how employers should apply the freeports upper secondary threshold for NICs.

16 Jun 2022 00:00 | Published by a Tolley Employment Tax expert

FTT Tax Chamber issues Practice Statement on witness summonses

The Tax Chamber President has published a Practice Statement in relation to the issue of witness summonses and orders to produce documents.

16 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

Agent update: issue 97

HMRC has published Agent Update issue 97 (June 2022) providing a round-up of recent developments for tax agents and advisers.

16 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

Employer Bulletin: June 2022

HMRC has published its bi-monthly magazine providing the latest information on payroll-related topics for employers and agents.

15 Jun 2022 00:00 | Published by a Tolley Employment Tax expert

SI 2022/643 The Designation of Freeport Tax Sites (Plymouth and South Devon Freeport) Regulations 2022

These Regulations designate various areas within the Plymouth and South Devon freeport as freeport tax sites with effect from 4 July 2022.

13 Jun 2022 18:30 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 13 June 2022

13 June 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

13 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes – 6 June 2022

6 June 2022 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

06 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

Law society response: Basis period reform provisional figures consultation

The Law Society has responded to HMRC’s consultation on potential easements for firms affected by the basis period reform.

06 Jun 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

CIOT responds to OTS call for evidence on the review of property income

The Chartered Institute of Taxation (CIOT) has responded to the OTS call for evidence on the review of property income.

01 Jun 2022 00:00 | Published by a Tolley Corporation Tax expert

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Spouse exemption from inheritance tax

Spouse exemption from inheritance taxArguably, the most important inheritance tax exemption is the spouse exemption from inheritance tax.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’).

14 Jul 2020 13:56 | Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP Read more Read more

Real estate investment trusts (REITs)

Real estate investment trusts (REITs)Introduction to REITsA real estate investment trust (REIT) is in fact not a trust at all, it is a company which qualifies for special tax treatment under CTA 2010, Part 12. REITs are similar in many ways to collective fund vehicles (such as unit trusts) in that

14 Jul 2020 13:04 | Produced by Tolley in association with Rob Durrant-Walker of Crane Dale Tax Read more Read more

Repairs and renewals

Repairs and renewalsThe key consideration in determining whether expenditure on repairs and renewals is allowable as a deduction for tax purposes is whether it is capital or revenue in nature. In some cases, it can be relatively straightforward to identify revenue repairs. HMRC provides the

14 Jul 2020 13:23 | Produced by Tolley Read more Read more