NEWS

Recent developments in tax.

The Law Societys response to the proposed basis period reforms echoes many of the concerns raised by the tax and accounting professional bodies. In particular, the Law Society believes that a coherent plan is needed which recognises the...

The government has announced the date of the Autumn Budget as 27 October. Alongside the Autumn Budget, the government will set out their spending plans (following the 7 September launch of the 2021 spending review which will conclude on 27 October)...

In its new report The tax tribunals: the next10 years, the Institute for Fiscal Studies Tax Law Review Committee (TLRC) lists numerous concerns of current tax tribunal users, including over long delays, lack of communication, lack of...

To help fund the governments social care plans NIC rates will increase by 1.25% and tax on dividends will increase by 1.25% from April 2022.The government will introduce a UK-wide 1.25% health and social care levy based on NICs ringfenced to...

HMRC has provided an update regarding penalty assessments in relation to protective assessments issued earlier this year in respect of the Worldwide Disclosure Facility (WDF) (which allows taxpayers to make a voluntary disclosure to HMRC relating to...

Jamaica and Ukraine have committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2022 and 2023 respectively.The Global Forum will monitor the countries’ progress in delivering...

Algeria has become the 163rd member of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum).The Global Forum is mandated to ensure that jurisdictions around the world adhere to and effectively implement...

HMRC has published further new and updated guidance for imports, exports and customs to reflect the post-transition period regime:Moving qualifying goods from Northern Ireland to the rest of the UK—updated to reflect that the longer-term qualifying...

HMRC has confirmed that an existing VAT concession for counsel’s fees remains in place at present but is under review.The concessionary treatment for counsel's fees paid into and kept in a client account was agreed between the Bar Council and the Law...

The Value Added Tax (Amendment) Regulations, SI 2021/986, enact the extension of MTD for VAT. They confirm that VAT-registered businesses with a turnover less than 85,000 will be subject to the MTD VAT rules from their first VAT period...

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