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Comments Off on HMRC has ‘enormous amount of work’ to deliver MTD on time

HMRC has ‘enormous amount of work’ to deliver MTD on time

HMRC has ‘enormous amount of work’ to deliver MTD on time

In evidence submitted to the Public Accounts Committee’s Progress with Making Tax Digital inquiry, contributors from across the accounting profession handed down a blistering verdict on the project, and HMRC’s ability to deliver on its new timeline. The written submissions criticised HMRC’s failure to consult with and listen to taxpayers, agents, professional bodies and software … Continued

Comments Off on Call wait times to be included on HMRC helplines

Call wait times to be included on HMRC helplines

Call wait times to be included on HMRC helplines

After “a successful trial period”, HMRC has decided to extend its call time information messages to more of its helplines in a bid to give taxpayers and agents a better understanding of how long they can expect to be waiting on the phone. According to HMRC’s most recent stakeholder digest, the extension, which came into … Continued

Comments Off on UK economy remains on shaky ground

UK economy remains on shaky ground

UK economy remains on shaky ground

Monthly GDP fell by 0.1% in May after growth of 0.2% in April, according to the Office for National Statistics (ONS), suggesting the economy remains on shaky ground. In the three months to May 2023, GDP has “shown no growth” when compared with the three months to February, the ONS added. The services sector also … Continued

Comments Off on R&D tax relief crackdown ‘deterring genuine claims’

R&D tax relief crackdown ‘deterring genuine claims’

R&D tax relief crackdown ‘deterring genuine claims’

The Chartered Institute of Taxation (CIOT) is warning that HMRC’s efforts to tackle abuse of the R&D tax relief system are resulting in them rejecting legitimate claims and stone-walling others. In a letter to HMRC, the CIOT wrote that the ‘volume compliance’ approach adopted by the tax authority since the second half of 2022 does … Continued

Comments Off on LITRG warns of ineffective tax refund companies

LITRG warns of ineffective tax refund companies

LITRG warns of ineffective tax refund companies

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

Comments Off on Self-assessment threshold increases to £150,000

Self-assessment threshold increases to £150,000

Self-assessment threshold increases to £150,000

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

Comments Off on Employee share schemes under review

Employee share schemes under review

Employee share schemes under review

The Government is running a call for evidence on how to simplify and widen accessibility to employee share schemes. The Treasury is inviting comments on ‘save as you earn’ (SAYE), the company share option plan (CSOP) and the share incentive plan (SIP) until 25 August 2023. Through the call for evidence, ministers aim to improve … Continued

Comments Off on Tax return helpline to close for three months

Tax return helpline to close for three months

Tax return helpline to close for three months

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

Comments Off on Government extends VAT exemption for pharmacists

Government extends VAT exemption for pharmacists

Government extends VAT exemption for pharmacists

The VAT exemption for pharmacists has been extended to medical services carried out by supervised, non-registered staff as of 1 May. Prior to the measure, the exemption only applied to medical services carried out by registered health professionals. The new zero-rating rules now mean that all staff can provide their service exempt from VAT under … Continued

Comments Off on ICAEW calls MTD quarterly reporting “disproportionate”

ICAEW calls MTD quarterly reporting “disproportionate”

ICAEW calls MTD quarterly reporting “disproportionate”

The Institute of Chartered Accountants for England and Wales (ICAEW) is urging HMRC to rethink the quarterly reporting model for Making Tax Digital for income tax self-assessment (MTD for ITSA). In a letter to HMRC, the representative body is asking the Government to review the quarterly reporting process for the upcoming extension of MTD. According … Continued