ICAEW calls MTD quarterly reporting “disproportionate”
The Institute of Chartered Accountants for England and Wales (ICAEW) is urging HMRC to rethink the quarterly reporting model for Making Tax Digital for income tax self-assessment (MTD for ITSA). In a letter to HMRC, the representative body is asking…
Read moreTax take soars by almost 10%
Recent HMRC data shows that the Treasury collected £786.6 billion in taxes in 2022/23 – a 9.9% increase on last year’s total of £715.3bn. Receipts from income tax, capital gains tax and National Insurance contributions hit £47bn – accounting for…
Read moreGovernment extends VAT exemption for pharmacists
The VAT exemption for pharmacists has been extended to medical services carried out by supervised, non-registered staff as of 1 May. Prior to the measure, the exemption only applied to medical services carried out by registered health professionals. The new…
Read moreGovernment launches cryptoassets consultation
The Government has launched a consultation to modify the tax treatment of cryptoassets used in decentralised finance (DeFi) lending and staking transactions. The law currently treats many of these transactions as disposals for tax purposes. This usually triggers a capital…
Read moreIs it a good time to buy to let?
Expanding your property portfolio can help increase your financial security — but is now a good time to buy to let? As house prices start to fall and rents rise across the UK, 2023 may look like a good year…
Read moreHMRC U-turns on paper only self-assessments
Just weeks after announcing downloadable self-assessment returns would no longer be available online, HMRC has backtracked its decision. Originally, the Government planned to take the option of physical self-assessment forms off the online portal, meaning taxpayers would have to call…
Read moreDigital service tax could become permanent
A new report from the Public Accounts Committee (PAC) warns that the “temporary” digital services tax (DST) could stay in place longer than planned. The DST raised £358 million in its first year – 30% more than expected. However, the…
Read moreHMRC releases guidance on LTA abolition
HMRC has released guidance clarifying how it will phase in the abolition of the lifetime allowance (LTA) for pensions. As announced by Chancellor Jeremy Hunt in his Spring Budget 2023, the current £1,073,100 threshold on the LTA ended on 5…
Read moreFull expensing: the new corporation tax incentive explained
In his Budget speech in March earlier this year, Chancellor Jeremy Hunt kicked off the Government’s plan for growth with changes to business tax legislation, a key policy being ‘full expensing’. “It is a corporation tax cut worth an average…
Read moreEmployee share schemes
Reward your staff with a stake in the business. As an employer, there are many ways you can reward and incentivise your staff, from Christmas parties to team lunches. But one of the most attractive options is an employee share…
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