NEWS

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...

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...