NEWS

The OECD’s Tax Administration 2022 report sets out the latest developments and global trends in tax administrations from 58 advanced and emerging economies. This latest report reveals a shift towards the digitalisation of tax administrations,...

HMRC has launched a new tool to estimate the impact of the 6 July 2022 NICs threshold changes. The new tool will provide an estimate of how the changes to the Class 1 primary threshold will affect the amount of NICs paid by employees. Self-employed...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxesManual Page Comments Capital Gains Manual Added: CG12971 New page added...

HMRC is consulting on a draft version of the Energy (Oil and Gas) Profits Levy Bill which will introduce the new levy for accounting periods beginning on or after 26 May 2022.The UK government intends to phase out the levy if oil and gas prices...

In response to considerable pressure from members, the CIOT, ICAEW, ICAS and ATT have written a joint letter to Myrtle Lloyd, director general for customer services at HMRC, expressing long-standing concerns over customer...

At the ECOFIN meeting of 17 June 2022, Poland withdrew its objections to the EC proposal for a directive on ensuring a global minimum level of taxation for multinational groups in the EU. However, Hungary has now opposed it, citing the worsening...

HMRC has updated its making tax digital for income tax guidance to expand the criteria setting out who can sign up on a voluntary basis. Under the revised criteria, taxpayers can sign up to MTD for income tax on a voluntary basis if all of the...

HMRC has announced that it intends to review the mechanism for calculating the bonus or interest rate applied to save as you earn (SAYE) scheme contracts. The review will consider options to simplify the mechanism, although HMRC’s guidance does not...

The ATT has suggested that HMRC should consider modernising its approach to penalties, to encourage compliance with tax rules rather than penalise those who unintentionally get things wrong.Making tax digital for VAT (MTD for VAT) requires...

This latest edition of HMRC’s Agent Update brings together key technical highlights, including the following:Company tax returns: non-UK resident companies receiving UK property income – HMRC has updated its guidance for non-resident landlords...