Category: Tax

Tax specialists at the Low Incomes Tax Reform Group (LITRG) have warned taxpayers who use third-party companies to claim tax refunds from HMRC to do so cautiously. Although taxpayers can apply for a refund directly from the Government, some prefer to use agents to do so on their behalf. If HMRC decides at a later … Continued

HMRC has revealed that the self-assessment threshold for PAYE taxpayers will increase from £100,000 to £150,000 for the 2023/24 tax year. Currently, individuals taxed through PAYE only are legally required to file a self-assessment tax return if they make more than £100,000 annually. The threshold change means that fewer taxpayers will need to submit their … Continued

The self-assessment telephone helpline has been closed by HMRC for the entirety of summer. Taxpayers hoping to contact HMRC for help with their self-assessment will now have to use digital services until 4 September 2023. During this time, HMRC says it will trial prioritising online guidance, digital assistance and web chat. According to HMRC, the … Continued

Recent HMRC data shows that the Treasury collected £786.6 billion in taxes in 2022/23 – a 9.9% increase on last year’s total of £715.3bn. Receipts from income tax, capital gains tax and National Insurance contributions hit £47bn – accounting for over half (57%) of the total tax take. Meanwhile, property price increases mean more families … Continued

The Government has launched a consultation to modify the tax treatment of cryptoassets used in decentralised finance (DeFi) lending and staking transactions. The law currently treats many of these transactions as disposals for tax purposes. This usually triggers a capital gains tax (CGT) charge, despite the owner still having an economic interest in the asset. … Continued

Just weeks after announcing downloadable self-assessment returns would no longer be available online, HMRC has backtracked its decision. Originally, the Government planned to take the option of physical self-assessment forms off the online portal, meaning taxpayers would have to call a dedicated line to request one. At the end of March 2023, HMRC contacted almost … Continued

A new report from the Public Accounts Committee (PAC) warns that the “temporary” digital services tax (DST) could stay in place longer than planned. The DST raised £358 million in its first year – 30% more than expected. However, the Treasury acknowledges that it is a “second best” solution until the international community introduces a … Continued

In his first Spring Budget speech, Chancellor Jeremy Hunt announced a new “full expensing policy” to encourage business investment. From April 2023 to March 2026, companies can claim 100% capital allowances on qualifying plant and machinery, writing off the cost of investment in one go. The policy comes as the existing super-deduction, which provides a … Continued

It is normally possible to make voluntary National Insurance Contributions (NIC) for the past six years.  By doing this you ensure that your entitlement to state benefits including state pension are maximised. There is currently an extension to this top up which allows individuals to fill gaps in their NIC record from 6 April 2006 … Continued

The Association of Taxation Technicians (ATT) welcomes a report by the House of Lords expressing concern over proposed reforms to the R&D scheme. The report, published on 31 January, highlights the need to pause any upcoming changes to the SME and R&D expenditure credit (RDEC) schemes. Some of the changes are due to come into … Continued