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Below you'll find a list of all posts that have been categorized as “Tax News”
HMRC recently published guidance on the eligibility requirements for the Job Retention Bonus. From February 2021, employers will be able to claim the Job Retention Bonus through the gov.uk website. The Job Retention Bonus will be a one-off payment of £1,000 to the employer for every eligible employee that is …
Data published recently by HMRC has revealed that there has been a significant drop in inheritance tax (IHT) receipts. According to the data, HMRC collected £5.2 billion in IHT during 2019/20. This represents a decrease of 4% (£223 million) on 2018/19. The data covers the 2019/20 tax year and is …
HMRC has published details on its refund scheme for taxpayers who made voluntary payments of income tax or national insurance prior to a change in the rules regarding the loan charge. The loan charge, which came into effect on 6 April this year, applies to anyone who used ‘disguised remuneration’ …
The Treasury has published a call for evidence on the administration of pensions tax relief. The call for evidence seeks to gather evidence on the operation of both of the main methods of administering pensions tax relief. According to the Treasury, the government recognises that the two systems produce different …
The Low Incomes Tax Reform Group (LITRG) has urged HMRC to thoroughly test Making Tax Digital for Income Tax (MTD for Income Tax) before rolling it out to taxpayers and landlords. HMRC recently announced that, from April 2022, Making Tax Digital for VAT (MTD for VAT) will be extended to …
The Office of Tax Simplification (OTS) has outlined a range of measures designed to help simplify the UK tax system. In the OTS’s latest evaluation and stock take note, which considers its work on corporation tax and the taxation of self-employed people, the Office highlighted taxes it feels can be …
The Treasury has outlined the next steps in its plan to create a ‘modernised digital tax system fit for the 21st century’. The Treasury said that HMRC’s Making Tax Digital (MTD) initiative will be gradually extended. Currently, businesses above the VAT threshold of £85,000 are required to comply with Making …
The Public Accounts Committee (PAC) has called on the government to assess how effective tax reliefs are and whether they achieve their intended objectives. In a new report, the PAC said that the government ‘knows too little about the tax reliefs it provides’, including whether they work or offer value …
The government has scrapped plans to get workers to pay income tax on coronavirus (COVID-19) testing kits purchased by their employer. HMRC issued guidance on 6 July which outlined that COVID-19 testing kits were to be classified as a taxable benefit-in-kind. However, the Treasury Select Committee criticised this decision and …
The Institute for Fiscal Studies (IFS) has warned that the government will need to raise taxes in order to pay for the economic support measures announced by Chancellor Rishi Sunak in the Summer Economic Update. The cost of the Chancellor’s economic support measures has risen to £190 billion, according to …
The Treasury has extended the temporary scrapping of VAT on personal protective equipment (PPE) until the end of October. The decision comes after a temporary zero-rate of VAT was applied to PPE sales for an initial three months from 1 May to 31 July. The government previously removed import duties …
A survey commissioned by HMRC has found that a lack of knowledge amongst UK businesses has contributed to Making Tax Digital for VAT (MTD for VAT) non-compliance. According to the survey, 16% of firms mandated to sign up to MTD for VAT have so far failed to do so. Independent …
