NEWS

The National Insurance Contributions (Increase of Thresholds) Act 2022 received Royal Assent on 31 March 2022 and realises the UK government’s policy of aligning the NICs thresholds with the income tax personal allowance (£12,570).Section 1 increases...

On 5 April, EU finance and economics ministers met again to discuss the EU pillar two directive which needs to be agreed by all 27 member states before it can be adopted. Poland, however, continues to object, stating that it wants a legally binding...

50% of businesses reported that IR35 was, despite Brexit and the covid-pandemic, the biggest obstacle to hiring contractors over the past 12 months, according to Kingsbridge Contractor Insurances survey of more than 1,200 contractors,...

Three additional panel members are being sought for the GAAR Advisory panel, for an initial period of three years. Applicants with expertise in employment tax and SDLT are particularly encouraged to apply. The closing date for applications is 11pm on...

The OECD is consulting until 18 April 2022 on Draft rules for domestic legislation on scope under amount A of pillar one. The rules will determine whether a multinational group is within the scope of amount A and are designed to bring certainty to...

The OECD has released a standardised format to support the electronic reporting and automatic exchange of information collected under the Model reporting rules for digital platforms which require digital platforms to report income realised by those...

To coincide with the introduction of plastic packaging tax on 1 April 2022, HMRC has refreshed its guidance to summarise the requirement to register. Businesses which have manufactured or imported ten tonnes or more of finished plastic packaging...

The temporary 12.5% reduced rate of VAT for the hospitality and tourism sectors ended on 31 March 2022. Groups 14 to 16 of VATA 1994 Sch 7A expired on that date meaning that, from 1 April 2022, supplies should be standard rated. HMRC has updated the...

HMRC has published a new VAT brief covering retrospective claims for overpaid import VAT on imports of dental prostheses. Autumn Budget 2021 announced that, from 28 October 2021, dentists (or those importing on their behalf) would be able to exempt...

All VAT-registered businesses are mandated to sign up to making tax digital for VAT from 1 April 2022. Alongside general revisions to its MTD for VAT guidance, HMRC has published a new table setting out the following timelines for businesses:...