NEWS

Finance Act 2024 received royal assent on Thursday 22 February 2024. It is worth noting the addition of a new clause, and consequent renumbering of the Bill during the final stages in the House of Commons. Section 21 which introduced a new investment...

A new Institute for Fiscal Studies report suggests that the Chancellor should avoid the temptation to announce tax cuts in the Budget on 6 March 2024. Although government borrowing figures have improved since the Office for Budget Responsibility’s...

In a stinging report on HMRC’s performance in 2022/23, the Public Accounts Committee (PAC) concludes that HMRC’s customer service levels have ‘reached an all-time low because of conscious choices made by HMRC and HM Treasury’.Over 60% of callers to...

HMRCs February 2024 update provides a useful roundup of recent developments and reminders, including the following:RD: the government intends to publish further guidance on the merged scheme and the enhanced relief for RD intensive...

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

The Bureau of Investigative Journalism (TBIJ) and the Observer reported recently on the fall in HMRC’s civil investigations into tax fraud. According to figures obtained by the TBIJ via a freedom of information request, HMRC’s Fraud Investigation...

In something of a fast-moving development, HMRC have confirmed that double-cab pickups will continue to be treated as vans rather than cars. HMRC had issued guidance in its Employment Income Manual on 12 February 2024 to revise the treatment of...

HMRC have issued new guidance on calculating transition profit for 2023/24, for taxpayers affected by the move to the new tax year basis.The guidance covers the following:identifying the ‘standard’ and ‘transition’ parts of the basis period (HMRC...

HMRC have published the 2024/25 version of CWG2 – its guidance for employers on PAYE and NICs. CWG5 on Class 1A NICs on benefits in kind, termination payments and sporting testimonial payments is also updated for 2024/25. The section on using...

HMRC’s Employer Bulletin for February 2024 includes various topical updates including:non-cash incentive schemes for employees, provided by a third-party (taxed award schemes);the 2024 NICs rate changes, with links for employers who were unable to...