NEWS

Recent developments in tax.

The Taxes (Interest Rate) (Amendment) Regulations, SI 2021/249, reduce the official rate of interest on cheap loans provided to employees by employers from 2.25% to 2% with effect from 6 April 2021.Where an interest-free or low-interest...

The Income Tax (Exemption for Coronavirus Related Home Office Expenses) (Amendment) Regulations, SI 2021/225, extend the temporary income tax exemption to home office equipment bought by employees and reimbursed by employers during 2021/22.The...

HMRC has published guidance on a new loan scheme to support access to finance for UK business as they recover from the disruption of the covid-19 pandemic. The recovery loan scheme gives businesses of any size access to loans and other finance up to...

The Van Benefit and Car and Van Fuel Benefit Order, SI 2021/248, increases the following amounts from 6 April 2021:car fuel multiplier: from £24,500 to £24,600; van fuel charge: from £666 to £669; andvan benefit charge: from £3,490 to £3,500....

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors. Direct taxesManual Page Comments Company Taxation Manual Updated: CTM61655 ...

One of the chancellor’s more eye-catching proposals was the announcement of a ‘super-deduction’: an enhanced 130% first-year allowance for expenditure incurred on plant and machinery that ordinarily would be relieved at the 18% main rate writing-down...

Latest HMRC includes:Apply to use simplified declarations for exports: updated sections on the declaration process, the simplified declaration procedure and entry in the declarant’s records (EIDR).Sending goods to the EU through roll on roll off...

The OECD has issued a new report Ending the shell game: cracking down on the professionals who enable tax and white collar crimes, calling on countries to increase their efforts to better deter, detect and disrupt the activities of professionals who...

The government has published its response to the House of Lords Economic Affairs Finance Bill Sub-Committee report on whether new powers for HMRC are fair and proportionate. Recommendations accepted by the government include:HMRC should re-examine...

HMRC has updated its guidance for banks and building societies that submit taxpayers’ interest returns, including publishing a new bulletin and refreshed guidance notes for the returns.HMRC requires financial institutions in the UK to return...

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