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Self-assessment taxpayers to be moved to online filing

HMRC is informing self-assessment taxpayers who currently file paper returns, that the paper forms will no longer be available to download from gov.uk from 6 April 2023.

30 Mar 2023 00:00 | Published by a Tolley Owner-Managed Businesses expert

SI 2023/393 The Major Sporting Events (Income Tax Exemption) (Women’s Finalissima Football Match) Regulations 2023

These Regulations provide an exemption from income tax in the UK on income arising from duties or services performed by individuals in the UK in connection with the Women’s Finalissima 2023.

30 Mar 2023 00:00 | Published by a Tolley Personal Tax expert

HMRC publishes new guidance notes on cross-border arrangements

HMRC has published new guidance notes on how to report, and how to register to report, cross-border arrangements under the Mandatory Disclosure Rules (MDR).

28 Mar 2023 00:00 | Published by a Tolley Corporation Tax expert

SI 2023/369 Economic Crime (Anti-Money Laundering) Levy (Amendment) Regulations 2023

These Regulations amend the Economic Crime (Anti-Money Laundering) Levy Regulations, SI 2022/269, to make further provision relating to the Economic Crime (Anti-Money Laundering) Levy.

28 Mar 2023 00:00 | Published by a Tolley Corporation Tax expert

HMRC Stakeholder Digest: 23 March 2023

HMRC’s Stakeholder Digest (23 March 2023) provides a round-up of recent news and updates.

27 Mar 2023 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 6.75%, and the repayment interest rate to 3.25% from 13 April 2023. Interest on quarterly instalment payments of corporation tax is also increased from 3 April 2023.

27 Mar 2023 00:00 | Published by a Tolley Corporation Tax expert

Agent Update: issue 106

HMRC has published Agent Update issue 106 (22 March 2023) providing a round-up of recent developments and changes to legislation and allowances relating to UK tax for tax agents and advisers.

23 Mar 2023 00:00 | Published by a Tolley Corporation Tax expert

SI 2023/348 The International Organisations (Tax Exemptions Designation) Order 2023

This Order provides for limited exemptions from income tax, capital gains tax, inheritance tax, stamp duty and stamp duty reserve tax to be given in respect of securities issued by the Caribbean Development Bank, Asian Infrastructure Investment Bank, and Inter-American Investment Corporation, international organisations of which the United Kingdom is a member.

23 Mar 2023 00:00 | Published by a Tolley Trusts and Inheritance Tax expert

Updated HMRC guidance on rates and allowances: beneficial loan arrangements

HMRC has updated its guidance on rates of interest on beneficial loan arrangements.

20 Mar 2023 00:00 | Published by a Tolley Employment Tax expert

Weekly roundup of HMRC manual changes: 20 March 2023

20 March 2023 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

20 Mar 2023 00:00 | Published by a Tolley Corporation Tax expert

Revenue Scotland: Change to authority to act time limit

Revenue Scotland has decided to remove the 12 month authority to act time limit for agents

20 Mar 2023 00:00 | Published by a Tolley Personal Tax expert

SI 2023/330 The Social Security (Contributions) (Re-rating) Consequential Amendment Regulations 2023

These Regulations increase the special rate of Class 2 NICs payable by share fishermen to £ 4.10 per week from 6 April 2023.

17 Mar 2023 00:00 | Published by a Tolley Employment Tax expert

Pension schemes newsletter 148 — March 2023

HMRC has published pension schemes newsletter 148.

17 Mar 2023 00:00 | Published by a Tolley Employment Tax expert

Pay As You Earn Amendment Regulations 2023

Regulations have been laid to make it mandatory for employers to deliver P11D & P11D(b) information by an approved method of electronic communication.

16 Mar 2023 00:00 | Published by a Tolley Personal Tax expert

SI 2023/309 The Social Security (Contributions) (Amendment No. 3) Regulations 2023

These Regulations extend the deadline for paying voluntary National Insurance contributions (NICs) for tax years between 6 April 2006 and 5 April 2016, to 31 July 2023.

16 Mar 2023 00:00 | Published by a Tolley Employment Tax expert

Spring Budget 2023: new investment allowances and relaxation of pension restrictions

The Chancellor’s Budget on 15 March 2023 included several new announcements, and brought together previously published proposals, many of which will be legislated in the Spring Finance Bill.

15 Mar 2023 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC guidance on money laundering supervision

HMRC has updated its guidance on helping to prevent money laundering and terrorist financing for a trust or company service provider.

14 Mar 2023 00:00 | Published by a Tolley Corporation Tax expert

SI 2023/293 The Research and Development (Prescribed Activities) Regulations 2023

These Regulations revoke and replace SI 2004/712 (Research and Development (Prescribed Activities) Regulations) to ensure that the legislation refers to the latest iteration of the applicable R&D guidelines –  the BEIS guidelines 2023.

13 Mar 2023 00:00 | Published by a Tolley Corporation Tax expert

Welsh Parliament approves Welsh Rate Resolution

Welsh Parliament approves Welsh Rate Resolution

09 Mar 2023 00:00 | Published by a Tolley Owner-Managed Businesses expert

HMRC Stakeholder Digest: 8 March 2023

HMRC’s Stakeholder Digest (8 March 2023) provides a round-up of recent news and updates.

09 Mar 2023 00:00 | Published by a Tolley Employment Tax expert

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Trade or hobby

Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of ‘hobby farming rules’, which historically have stated that a profit must be made every six years. This is known as ‘the five-year rule’, in that there can be five years of losses but there must be a profit

14 Jul 2020 13:50 | Produced by Tolley Read more Read more

Subsistence expenses

Subsistence expensesIntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel which is not to a permanent workplace. See the Travel

14 Jul 2020 13:43 | Produced by Tolley in association with Philip Rutherford Read more Read more

Income tax paid on behalf of employee

Income tax paid on behalf of employeeIntroductionEmployers may wish to make payments of employment income to an employee / director without the employee suffering a tax or NIC cost on that pay. In other words, the employer wants to pay an amount net of tax and NIC. In some instances, often with

14 Jul 2020 11:58 | Produced by Tolley in association with Paul Tew Read more Read more