NEWS

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.  

Alongside the Spring Budget, the UK government has launched a further consultation on raising standards in the tax advice market. This follows previous consultations (March 2020 and March 2021) where the government considered various options,...

The new R&D tax relief regime in FA 2024 Sch 1 has formally been brought into effect for accounting periods beginning on or after 1 April 2024. The Finance Act 2024, Schedule 1 (Research and Development) (Appointed Day) Regulations, SI 2024/286,...

The CIOT has sent a proactive submission to HMRC on uncertainties in relation to the application of ESC D32 on the incorporation of a business, where an individual transfers the whole of the assets and liabilities to a company for consideration...

The Finance Act 2009, Sections 101 and 102 (Electronic Sales Suppression) (Appointed Day) Order, SI 2024/133, brought the FA 2009 ss 101 and 102 interest provisions into force from 4 March 2024, for the purposes of electronic sales suppression...

HMRC have revised their guidance on how to register a charity for tax, taxpayer’s obligations, and any reliefs or exemptions available. The guidance has been updated at section 3.45 Claiming Gift Aid on waived refunds and loan repayments to confirm...

MSPs have passed the 2024/25 Scottish Budget Bill. The rates and limits for income tax in Scotland were approved formally by the Scottish Parliament on 22 February 2024 via the required Scottish Rate Resolution. This means that the following rates...

The Social Security (Contributions) (Limits and Thresholds, National Insurance Funds Payments and Extension of Veterans Relief) Regulations, SI 2024/249, maintain the current Class 1 NICs limits and thresholds for 2024/25. This is the continuation of...

The Tax Credits, Child Benefit and Guardian’s Allowance Up-rating Regulations, SI 2024/247, increase the following amounts for working tax credit and child tax credit from 6 April 2024.Working tax credit: basic element increases from £2,280 to...

HMRC have revised their February 2024 lifetime allowance newsletter to explain the conditions where event number 24 applies. HMRC have confirmed that FA 2024 Sch 9 para 106 (which introduced new event number 24) will be amended so that event 24 only...