NEWS

Following consultation earlier in 2023, HMRC has updated its draft R&D tax reliefs guidance which now reflects several changes to the original version, including: the previously announced restriction on some overseas expenditure will now come into...

UK government proposals to introduce a single R&D tax relief scheme have come under fire. In a survey of 42,000 businesses, accountancy firm Azets found only 13% of respondents considered the proposals for a single scheme to be positive, with 51%...

New research from ESG Book, a tech platform providing sustainability, climate and governance data on over 30,000 companies, shows that a majority of G20 large businesses have not yet started reporting on a country-by-country basis, and that many do...

The April edition of the newsletter highlights the following:CGT on UK property paper return: reminding trustees and agents that HMRC has made the paper version of the CGT on UK property return available to download, for a trial period until the end...

HMRC has released its VAT road fuel scale charges table for VAT periods beginning on and after 1 May 2023. The fuel scale charge is used to account on a flat-rate basis for private use of fuel in a business vehicle....

The European Council has passed a regulation establishing the new EU carbon border adjustment mechanism (CBAM) as part of the EU’s ‘Fit for 55’ climate targets package. The CBAM addresses ‘carbon leakage’ where carbon-intensive products are made...

Following a previous error, where HMRC’s web pages had prematurely announced that the UK-Kyrgyzstan had entered into force on 1 January 2023, the tax treaty pages have now been updated to reflect the correct date: 17 March 2023.The DTA applies in...

A Public Bill Committee is scheduled to begin scrutiny of Finance (No 2) Bill 2023 on Tuesday 16 May 2023, with a deadline of 23 May for concluding its work. Usually, the Committee sits on Tuesdays and Thursdays, so this timetable appears to give it...

HMRC has issued updated guidance on reporting a trust discrepancy to reflect changes made to the principal money laundering regulations by SI 2022/860 which came into force on 1 April 2023.A relevant person must now ask for a trust’s proof of...

The April 2023 edition provides a helpful roundup of recent changes, with links to HMRC’s substantive guidance in key areas, including the following: Time to pay arrangements for disguised remuneration settlements and the loan charge: HMRC has...