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300,000 people will no longer need to submit a tax return: James Murray MP, Exchequer Secretary to HM Treasury (XST), has used his speech at a joint ICAEW and Chartered Institute of Taxation (CIOT) event to announce a number of changes intended to simplify the tax system and secure tax revenue.
Ten tax changes taking effect from April 2025: ICAEW’s Tax Faculty picks out 10 important changes applying from 1 April 2025 for companies and 6 April 2025 for individuals and unincorporated businesses.
HMRC to launch new agent query resolution service: HMRC has emailed agents with details of a new resolution service for pay as you earn (PAYE) and self assessment queries that have not been resolved by HMRC’s agent dedicated line or webchat.
New tax return box for student loans and payrolled benefits: Taxpayers who make student loan repayments and whose income includes payrolled benefits in kind (BIKs) may need to complete a new box when submitting their self assessment (SA) return for 2024/25.
ICAEW marks making tax digital’s 10th birthday: Ten years ago today, George Osborne laid the foundations for making tax digital (MTD), promising to “abolish the tax return altogether”. ICAEW’s Tax Faculty looks back at the key events and considers the future of MTD.
HMRC encourages fund managers to provide more information: HMRC’s investment funds manual now includes guidance for individuals in receipt of carried interest to help them reduce the chances of a compliance check being opened.
Agent accounts may be suspended if suspicious activity suspected: Several ICAEW member firms have experienced their HMRC agent accounts being suspended without notice. In its latest Agent Update, HMRC explains why it takes this action and what agents need to do.
The future of a tax administration authority: James Murray MP, Exchequer Secretary to the Treasury, was among a panel of high-ranking experts debating the challenges and opportunities for transforming the UK’s tax system at a joint ICAEW/CIOT event to mark the 20th anniversary of HMRC.
Government takes action on umbrella companies: The government has confirmed that it will take forward plans to regulate umbrella companies for the purposes of employment rights and that it will continue to review further policy options.
Last chance for businesses to disclose undeclared sales: HMRC is writing to businesses that may owe tax on undeclared sales, possibly because they have misused their till system (referred to as ‘electronic sales suppression’).
Member help sheets and guidance
CGT adjustment may be needed to 2024/25 tax returns: HMRC has published a calculator to work out the adjustment that may be needed to the 2024/25 self assessment tax return as a result of the in-year change to the main rates of capital gains tax (CGT).
HMRC updates its R&D guidance on subcontracting and subsidies: HMRC has updated its guidance on research and development (R&D) tax relief for the recent First-tier Tribunal (FTT) decisions of Stage One Creative Services Ltd and Collins Construction Ltd. ICAEW’s Tax Faculty summarises the changes and gives its view.
Five tips for dealing with HMRC: trusts, estates and IHT: Following a meeting with HMRC’s trust and inheritance tax (IHT) teams, ICAEW’s Tax Faculty has pulled together five tips that may help taxpayers and agents to complete tasks more quickly and HMRC to make best use of its resources.
ICAEW’s tax content can help you keep up to date: Get up to speed with the hot topics in tax and meet your continuing professional development (CPD) obligations. See our latest updates on MTD for income tax, R&D tax relief, payrolling benefits in kind, employee ownership trusts and VAT.
Consultations
Be bolder in reforming business rates, says ICAEW: ICAEW calls for business rates to be included in an extended business tax roadmap in its response to the government’s consultation on business rates reform.
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