NEWS

HMRC has published new guidance which give details of postponed import VAT on customs declarations made under your Economic Operators Registration and Identification (EORI).The statements are used to:account for postponed import VAT on taxpayer’s VAT...

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 Updated: CG66883, CG10100 Updated...

The All-party Parliamentary Group on Anti-corruption and Responsible Tax has criticised HMRC’s settlement with General Electric, noting in a tweet that ‘sweetheart deals like this one see the taxpayer lose out on millions in lost tax revenue’.The...

Latest guidance from HMRC includes:Community Amateur Sports Clubs detailed guidance notes – updated at sections 6 ,6.1.1 and 6.1.7 in relation to deregistration.VAT Notice 701/20: Caravans and houseboats – information on the reduced rate of VAT for...

The CIOT has responded to the draft Finance Bill 2022 legislation on powers to tackle electronic sales suppression (ESS) which occurs when a business deliberately manipulates its electronic sales records to reduce or hide the value of its sales while...

The CIOT welcomes the draft Finance Bill 2022 proposals to clamp down on promoters of tax avoidance – particularly the robust approach to those who continue to devise, promote or sell primarily mass-marketed tax avoidance schemes – but it has...

HMRC has published the annual Measuring Tax Gaps publication showing that the tax gap estimate was 5.3% for the tax year 2019/20 representing £35bn, compared to 5% for 2018/19 (£33bn).Other findings include:there has been a long-term reduction in the...

HMRC has published further new and updated guidance for imports, exports and customs to reflect the post-transition period regime:New guidance on transit: Moving goods out of Northern Ireland through common transit countries; Moving goods into or...

HMRC has published two new guidance notes explaining how businesses registered for the one-stop shop (OSS) Union Scheme should complete and submit the OSS return and pay any VAT due.Businesses which sell goods from Northern Ireland to consumers in...

The CIOT has commented on the draft Finance Bill 2022 legislation on pensions which will increase the normal minimum pension age (NMPA) from 55 to 57 from 6 April 2028 and extend the ‘Pension Scheme Pays’ deadlines for individuals to give notice to...