NEWS

Opening the 2022/23 Parliamentary session on 10 May 2022, the Queens Speech set out the UK governments legislative priorities, including the following:Draft Audit Reform Bill to improve financial reporting and introduce a new statutory...

The OECD is seeking public comments on the regulated financial services exclusion which will exclude from the scope of amount A the revenues and profits from regulated financial institutions. The defining character of this sector is that it is...

In a written ministerial statement, the UK government has confirmed that the remaining import controls on EU goods due to be introduced in July will no longer be implemented in 2022. Instead, traders will continue to move their goods from the EU to...

HMRC has published new guidance on the VAT penalties and interest charges that will apply to those submitting VAT returns for accounting periods starting on or after 1 January 2023.The default surcharge regime will be withdrawn for VAT return periods...

HMRC has updated VAT Notice 700 (VAT Guide – the guide to VAT rules and procedures) to expand the section on non-standard tax periods (section 20.3.3). Businesses which are VAT registered and need to change to non-standard tax periods must apply in...

HMRC has updated its tax credits guidance to confirm that tax-free pension lump sums should not be included in the calculation of income for the purposes of tax credits claims and renewals. HMRC gives the following example:Where a taxpayer’s pension...

HMRC has published the final direction for mandating the format of claims for employment expenses.From 7 May 2022, HMRC will only accept postal claims using the revised P87 form for income tax relief on employment expenses and will reject claims that...

The CIOT has submitted comments to HMRC on the application of the construction industry scheme (CIS) to landlord contributions to tenant works. The CIS requires contractors to withhold tax from payments to subcontractors in relation to certain...

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 Allowances Manual Updated: CA23085 ...

HMRC collected an extra £2.16bn in tax from investigations into multinational corporates shifting profits overseas in the tax year 2020/21, according to official figures – an increase of nearly 50% over the previous year.Law firm Pinsent Masons notes...