NEWS

The CIOT has highlighted potential uncertainty around evidence to substantiate a claim for overseas expenditure on contracted-out R&D and has urged HMRC to consider clarification. The CIOT was responding to HMRC’s consultation on draft guidance for...

The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2024/305, simplify the reporting process for employers in respect of a salary advance made to an employee, so that salary advance can be reported on or before the employee’s contractual pay...

The Relief for Creative Industries (Additional Information Requirements and Miscellaneous Amendments) Regulations, SI 2024/320, set out the following requirements in relation to claims for the creative sector tax reliefs:the information that...

The Authorised Surplus Payments Charge (Variation of Rate) Order, SI 2024/335, reduces the rate of the authorised surplus payments charge from 35% to 25% with effect from 6 April 2024. An authorised surplus payment is a payment made by the pension...

The National Insurance Contributions (Reduction in Rates) (No 2) Bill is expected to be rushed through Parliament to give effect to the NICs rate cuts announced at Spring Budget 2024. All remaining stages in the House of Commons were scheduled to be...

In new guidance, HMRC have sought to clarify the availability of overseas workday relief under the new non-dom tax regime from April 2025, as part of a summary of how the new regime is expected to operate. HMRC’s Technical Note sets out the principal...

The Income Tax (Exemption of Social Security Benefits) Regulations, SI 2024/287, exempt the following two new social security benefits from income tax:the Scottish Government’s Parental Transitions Support scheme; andthe Department for Work and...

The Paternity Leave (Amendment) Regulations, SI 2024/329, provide the necessary revisions to paternity leave rules, to fulfil the following policy changes from 6 April 2024:statutory paternity pay (SPP) will be available for two, non-consecutive...

The Value Added Tax (Increase of Registration Limits) Order, SI 2024/307, increases the VAT registration and deregistration thresholds from 1 April 2024 as follows:VAT registration threshold: £90,000; andVAT deregistration threshold: £88,000.The...

HMRC have updated VAT Notice 742A Opting to tax land and buildings. The Notice now reflects current practice that HMRC no longer sends an acknowledgement letter on receipt of an option to tax. Where notification of an option to tax is sent by email,...