Latest news

Warning: Letter said to be from HMRC is a fraud: A letter that asks the recipient to verify financial information with HMRC has not been issued by HMRC and is fraudulent.

Need to know: CGT on residential properties: Reductions in the tax-free amount mean more taxpayers will find themselves caught in the capital gains tax net. We look at the issues to be aware of, including 60-day reporting and recent developments relating to principal private residence relief.

Simple assessments are on their way: Over the next six weeks HMRC will issue simple assessments to 560,000 individuals who have tax to pay for 2023/24.

800 agents asked to check tax returns for errors: HMRC is writing to agents where the information declared in a client’s tax return for 2022/23 does not match information provided by the client’s employer, or that is held by HMRC for child benefit purposes.

HMRC continues to miss targets: HMRC’s accounts and charter report for 2023/24 show that it continues to underperform, with key targets missed and call waiting times increasing significantly.

Further details emerge on claiming PAYE repayments: HMRC’s communications and guidance on claiming pay as you earn (PAYE) repayments omits key information. ICAEW’s Tax Faculty explains more about the new process.

Check cryptoasset disclosures, HMRC tells taxpayers: HMRC is writing to individuals who disposed of cryptoassets and may not have paid the correct amount of tax.

Animal breeders in HMRC’s sights: HMRC is writing to people it believes may have failed to pay tax on income from the breeding or sale of animals, including dogs and cats.

Member help sheets and guidance

MTD update: HMRC guidance, email and event: HMRC has confirmed how it works out property income for the Making Tax Digital (MTD) income tax self assessment (ITSA) threshold test. It is also stepping up efforts to encourage taxpayers to join private beta testing.

LLP salaried member rules: recent changes: HMRC has recently changed its guidance regarding salaried members – and this could have significant implications for members of limited liability partnerships.

Claims for investors’ relief may not be valid: HMRC is writing to taxpayers who claimed for investors’ relief on their 2022/23 income tax self assessment (ITSA) return and do not appear to meet the conditions for the relief.

New HMRC guidance on digital platforms: HMRC has published guidance on rules requiring online marketplaces to report the details and income of the sellers of goods and services on their platforms.

Contractors reminded to verify subcontractors: HMRC is writing to contractors and asking them to regularly verify the construction industry scheme (CIS) status of their subcontractors.

Consultations

ICAEW rejects VAT changes for private hire vehicles: ICAEW’s Tax Faculty calls for targeted action to support private hire vehicle (PHV) passengers in its response to the consultation on measures that may be needed following judgements involving Uber.

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