accounting-news

Business groups warn over tax increases

AVASK Marketing Tax News

Business groups have warned that the government’s plan to raise national insurance contributions (NICs) and add a surcharge to dividend income will hamper the economic recovery. The government has announced a 1.25 percentage point increase in NICs to pay for increased spending on health and social care. It has also …

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CIOT warns over stamp duty refund claims

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The Chartered Institute of Taxation (CIOT) has warned that some claims being made by firms offering help with Stamp Duty Land Tax (SDLT) refunds are too good to be true. The CIOT says an increasing number of firms are contacting buyers of properties after completion of a purchase, suggesting that …

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HMRC outlines changes to late payment penalty regime

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HMRC has published a paper outlining the changes to the late payment penalty regime for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and income tax self assessment (ITSA). …

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G7 announces global tax agreement

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The G7’s finance ministers have announced a historic international agreement on global tax reform. Following years of discussions, finance ministers agreed to reforms, which they say will see multinationals pay their fair share of tax in the countries in which they do business. The ministers also agreed to the principle …

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HMRC clarifies off-payroll rules

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HMRC has published a briefing on its approach to the changes to off-payroll working rules, commonly known as IR35, which will be introduced on 6 April 2021. Reiterating its advice from last year, HMRC has confirmed that it will not issue penalties for inaccuracies in the first 12 months of …

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HMRC’s customer service levels impacted by COVID-19

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Data published by HMRC has revealed that its customer service levels have been adversely affected by the coronavirus (COVID-19) pandemic. HMRC stated that this is a unique financial year as the department continues to operate ‘at the heart of the government’s COVID-19 response’. According to HMRC, the pandemic has ‘reinforced …

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Making the most of R&D

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UK companies spent over £25 billion on Research and Development (R&D) during 2018, and HMRC’s statistics show that the volume of R&D relief claimed by small and medium sized companies (SMEs) is increasing. However, many eligible SMEs are still not claiming the relief. This is often due to a lack …