NEWS

HMRC has published new factsheet CC/FS69 on how VAT-registered businesses can avoid penalties for making tax digital (MTD) for VAT. VAT-registered businesses must keep certain records digitally and file their VAT returns using compatible software....

HMRC has published a new VAT Brief which reframes HMRC’s approach to determining whether an activity is a business activity for VAT purposes. VAT Brief 10/2022 sets out the following two-stage test for determining whether an activity is a business...

The CIOT’s response to the OTS call for evidence on the taxation of property income includes the following points:The restriction on deductibility of funding costs for individuals, partnerships of individuals and trustees but not for corporates or...

The Law Society has responded to HMRC’s consultation on potential easements for firms affected by basis period reform. The reforms will result in more taxpayers, including a significant proportion of partners in law firms, needing to submit...

HMRC is writing to taxpayers who have claimed business asset disposal relief (BADR) in tax returns for 2020/21 where the claim, according to HMRC’s records, takes the amount over the £1m lifetime limit.The lifetime limit for BADR was reduced to £1m...

The alternative finance arrangements tax rules have been extended to certain home purchase plan providers and arrangements facilitated through peer-to-peer platforms. The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order,...

HMRC has published a new chapter in its Corporate finance manual to cover new reg 5ZA of the Loan Relationships and Derivative Contracts (Disregard and Bringing into Account of Profits and Loss) Regulations, SI 2004/3256. The new reg 5ZA in the...

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: CG-APP18100 to...

Tax Journal thanks its authors for May.

The UK government has outlined its proposals for a windfall tax on the extraordinary profits of oil and gas companies which will be used to support those most heavily affected by the increased cost of living.In a statement to the House of Commons on...