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OTS publishes report on hybrid and distance working

The Office of Tax Simplification (OTS) has published its report on the tax complexities driven by hybrid working, including for periods where employees choose to work overseas.

21 Dec 2022 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC guidance on Making Tax Digital for Income Tax

Following the announcement that the start date for Making Tax Digital (MTD) for Income Tax is to be delayed until 6 April 2026, HMRC has updated its guidance pages. The professional bodies have also commented on the delay.

20 Dec 2022 00:00 | Published by a Tolley Personal Tax expert

HMRC publishes new guidance on payroll company fraud

HMRC has published new guidance on how agencies, employers or workers should complete checks for, or report, potential payroll company fraud.

20 Dec 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

New technical article on basis period reform and averaging

The ATT has published a new technical article which explores how income tax basis period reform will interact with the averaging rules for farmers and creative artists.

20 Dec 2022 00:00 | Published by a Tolley Personal Tax expert

HMRC updates interest rates following Bank of England decision

HMRC is increasing the late-payment rate of interest to 6%, and the repayment rate to 2.5%, from 6 January 2023. Interest on quarterly instalment payments of corporation tax is also increased from 26 December 2022.

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

Spring Budget 2023 date announced

The Chancellor has announced that the Spring Budget 2023 will be on 15 March 2023.

19 Dec 2022 00:00 | Published by a Tolley Corporation Tax expert

Mandation of Making Tax Digital for Income Tax delayed

The government has announced that mandation of Making Tax Digital for Income Tax (MTD for ITSA) has been delayed until 6 April 2026 at the earliest.

19 Dec 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

Land and Buildings Transaction Tax (additional amount: transactions relating to second homes etc) (Scotland) Amendment Order, SSI 2022/375

These Regulations increase the land and buildings transaction tax additional dwelling supplement in Scotland from 4% to 6% with effect from 16 December 2022.

19 Dec 2022 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 19 December 2022

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

19 Dec 2022 00:00 | Published by a Tolley Corporation Tax expert

Scottish Budget outlines increases to higher rates of income tax

John Swinney, Deputy First Minister, delivered the Scottish government’s 2023–24 Budget on 15 December 2022.

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

Making Tax Digital for Income Tax pilot end date

In an email alert to subscribers on 15 December, HMRC advised that the Using Making Tax Digital for Income Tax - GOV.UK (www.gov.uk) page had been updated on 14 December to extend the MTD ITSA pilot to 6 April 2026, but HMRC has since confirmed that this was an error.

15 Dec 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

SI 2022/1329 The Social Security (Class 2 National Insurance Contributions Increase of Threshold) Regulations 2022

These Regulations amend the Social Security Contributions and Benefits Act 1992 (and its Northern Ireland equivalent), the Social Security (Contributions) Regulations 2001 (SI 2001/1004), and related legislation to introduce the Lower Profits Threshold (LPT).

15 Dec 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

Welsh government publishes draft Budget for 2023/24

The Welsh government has published its draft Budget setting out revenue raising and capital spending plans for 2023/24.

14 Dec 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

European Commission proposes new tax transparency rules to report cryptoasset transactions

The European Commission has proposed new tax transparency rules for all service providers facilitating transactions in cryptoassets for customers resident in the European Union.

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

Updated HMRC guidance on social security contributions for workers coming to the UK from the EU, Iceland, Liechtenstein, Norway, or Switzerland

HMRC has updated its guidance on social security contributions for workers coming to the UK from the EU, Iceland, Liechtenstein, Norway, or Switzerland.

12 Dec 2022 00:00 | Published by a Tolley Employment Tax expert

Updated HMRC guidance on Disguised remuneration settlement terms 2020

HMRC has updated its guidance at section 14 to explain when an

08 Dec 2022 00:00 | Published by a Tolley Employment Tax expert

SI 2022/1288 The Van Benefit and Car and Van Fuel Benefit Order 2022

This Order amends sections 150(1), 155(1B)(b), and 161(b) of the Income Tax (Earnings and Pensions) Act 2003.

08 Dec 2022 00:00 | Published by a Tolley Corporation Tax expert

HMRC publishes Foreign income toolkit

HMRC has published its 2021-22 foreign income toolkit.

07 Dec 2022 00:00 | Published by a Tolley Owner-Managed Businesses expert

Updated HMRC guidance on Capital Gains Tax on UK property or land

HMRC has updated its guidance on Capital Gains tax on UK property or land.

05 Dec 2022 00:00 | Published by a Tolley Corporation Tax expert

House of Commons Committee reports adoption of government amendments to Economic Crime and Corporate Transparency Bill

The House of Commons Public Bill Committee has reported the adoption of government amendments to the Economic Crime and Corporate Transparency Bill (the Bill). The Committee has also reported the withdrawal of amendments in the name of Dame Margaret Hodge proposing an offence of failure to prevent fraud or money laundering.

02 Dec 2022 00:00 | Published by a Tolley Corporation Tax expert

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Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

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Settlor-interested trusts

Settlor-interested trustsWhat is a settlor-interested trust?A settlor-interested trust is one where the person who created the trust, the settlor, has kept for himself some or all of the benefits attaching to the property which he has given away. A straightforward example is where a settlor

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Long service awards

Long service awardsEmployee recognition by an employer can be an important motivational tool, as well as having a positive effect on retention. Most employer awards made to an employee are treated as taxable earnings under ITEPA 2003, s 62 or as a benefit under ITEPA 2003, s 201 because they are

14 Jul 2020 12:11 | Produced by Tolley Read more Read more