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Below you'll find a list of all posts that have been tagged as “UK tax”
UK Chancellor Rishi Sunak this afternoon announced his Spring 2022 Statement from the UK Government. Within this announcement, The Chancellor affirmed the Government’s commitment to stand behind businesses in the UK. Boosting productivity and productivity within the UK is key to the Spring Statement, as are the plans to incentivise …
Prepare your business for the new UK Plastic Packaging Tax legislation The UK’s new Plastic Packaging Taxes (PPT) could affect your e-commerce business if you are established in or importing goods into the UK from 1st April 2022. Following on from the launches of new EPR legislation in France and …
The government has doubled the payment period for capital gains tax (CGT) on residential property from 30 days to 60 days. Although the measure was not announced by Chancellor Rishi Sunak in the recent Autumn Budget, it was included in HM Treasury’s Budget publication. The change applies from 27 October …
The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. Responding to the Autumn Budget, the IFS predicted that low-income families will ‘feel real pain’ due to a rise in the cost of …
In his Autumn Budget speech, Chancellor Rishi Sunak made significant changes to fuel duty and duty rates on alcohol. The government will keep fuel duty frozen at 57.95p per litre across the UK for 2022/23 in recognition of the significant cost that fuel represents for households and businesses. The alcohol …
The COVID-19 pandemic reshaped e-commerce landscapes in dramatic but often positive ways. In the UK, retail e-commerce saw a massive boost, particularly in categories like food and household goods. In 2020 alone, the market saw 46.5% year-over-year growth, and that trend has only continued. By 2025, experts expect e-commerce to …
The Confederation of British Industry (CBI) has warned the government against introducing new business tax rises in this week’s Autumn Budget. The business group has urged the government to ‘end the repeated increase of business taxes that are stunting investment’; reform the business rates system; commit to maintaining ‘more generous …
HMRC has reminded self assessment taxpayers that the deadlines for filing 2020/21 tax returns are now approaching. The deadline for 2020/21 tax returns is 31 October 2021 for those completed on paper forms and 31 January 2022 for online returns. HMRC has already seen thousands of people filing their returns …
The Tax Faculty at the Institute of Chartered Accountants in England and Wales (ICAEW) has urged the government to use the upcoming Autumn Budget to help accelerate work on building a modern UK tax system. The ICAEW has called for the government to ensure the tax system is ‘fit for …
It may seem like only yesterday that the new One-Stop Shop system came into effect for European VAT payments, but the first set of OSS filing deadlines is already upon us. Read on to find out more about the upcoming deadlines for OSS and IOSS and how you can make …
The Institute of Directors (IoD) has called on the government to introduce a tax super-deduction to plug an investment gap in retraining. The IoD also outlined other measures to ‘help the UK reorientate to a higher skill economy’, including reintroducing lifelong personalised training budgets to be used on accredited vocational …
HMRC is urging Working Tax Credit (WTC) customers to check if they need to update their working hours if these have reduced because of the pandemic. During the pandemic, WTC customers have not needed to tell HMRC about temporary short-term reductions in their working hours due to the coronavirus (COVID-19). …
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax self assessment (MTD for ITSA) for a year, HMRC has announced. The government says it has made the move in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic. …
The Institute of Directors (IoD) is urging the government to use the upcoming Budget to reduce the planned level of business tax rises. The IoD believes that the Office for Budget Responsibility (OBR) will revise its GDP growth forecasts up for 2021, potentially resulting in stronger tax receipts. It stated …
Adopting a tax year which is either aligned with the calendar year or with a calendar month-end would have clear benefits, according to a review from the Office of Tax Simplification (OTS). The review considers the high-level implications of moving the tax year end date to 31 December, and a …
The UK government faces big choices this autumn if it wants to stimulate economic growth, the Confederation of British Industry (CBI) has said. Following the recent government announcement on plans to increase national insurance contributions (NICs) to support social care, UK business is clear that the time for further business …
HMRC is urging young people to check if they have a Child Trust Fund (CTF) account. It is now one year since the first account holders started turning 18 and around 55,000 CTFs mature every month. This means their owners can withdraw funds or transfer savings into an adult ISA. …
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 …
Families may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast clubs and after school clubs as their children go back to school, HMRC has said. Eligible families can save money on their childcare and benefit from a government top-up worth up to £2,000 every year, or up …
Pushing through proposals to change basis periods ahead of the expansion of Making Tax Digital (MTD) will cause as many problems as it solves, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned. HMRC recently began a consultation outlining proposals to align basis periods with the tax …
HMRC has urged taxpayers to stay alert to the threat of digital scams and scammers claiming to represent HMRC. Research published by HMRC revealed that the number of tax-related scams has doubled in the past 12 months. In the past year HMRC has received more than one million referrals from …
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 …
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). …
HMRC has reminded parents and carers that they have until 31 August 2021 to confirm whether their teenagers are staying in full-time education or training beyond 16. If they do decide to continue their full-time education or training, parents and carers will be eligible to continue receiving Child Benefit payments …
More than 282,000 working families used a Tax-Free Childcare (TFC) account during March, according to figures from HMRC. HMRC said that it is the highest recorded number of families in any one month since the scheme was launched in April 2017. These families received a share of more than £33 …
Almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household related costs, HMRC has confirmed. The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year’s entitlement if they have been told …
The Office of Tax Simplification (OTS) is set to explore the benefits, costs and wider implications of changing the date of the end of the tax year for individuals. The review will focus on the implications of moving the tax year end date from 5 April to 31 March or …
