NEWS

HMRC has published a summary of responses to its 2021 consultation on proposed changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, SI 2017/692. The response document also outlines key...

The President of the FTT Tax Chamber has published a new practice statement setting out guidance for the FTT itself and for tribunal users on the practice adopted in relation to the issue of witness summonses and orders to produce documents in the...

The rate of late-payment interest for most taxes will be increased to 3.75% from 5 July 2022. The repayment interest rate will remain at 0.5%.The rate of interest on underpaid quarterly instalment payments will increase to 2.25% and the rate of...

The OECD has published responses to its consultation on tax certainty aspects under amount A of pillar one.On 27 May 2022, as part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS to implement the two-pillar solution to address the tax...

Recent updates to HMRC guidance for imports, exports and customs include the following: Attending an inland border facility: Birmingham inland border facility will permanently close on Thursday 30 June 2022.Moving processed or repaired goods into...

HMRC has revised its plastic packaging tax (PPT) return guidance. The section What to include on your return has been updated to set out a more concise list of details that need to be reported in the PPT return.The guidance also notes that, where...

The ICAEW Tax Faculty has provided guidance to clarify how employers should apply the freeports upper secondary threshold for NICs.The National Insurance Contributions Act 2022 sets out that, from 6 April 2022, Class 1 secondary NICs are charged at...

The June edition from HMRC notes various updates and deadlines for employers and agents, including the following:HMRC has reopened its webchat services to help employers with RTI reporting and intends to start a trial of ‘digital assistants’ (chat...

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 Archived: CG50255 and...

The Northern Ireland Protocol Bill, published on 13 June 2022, aims to amend the operation of the Northern Ireland Protocol in the domestic law of the UK. It will disapply elements of the Protocol and provide delegated powers to government ministers...