NEWS

The Designation of Special Tax Sites (Anglesey Freeport) Regulations, SI 2024/1286, designate three special tax sites within the Anglesey Freeport with effect from 23 January 2025. The tax reliefs available in special tax sites in Wales include a 10%...

HMRC have published a new calculator to work out the overlap relief figure for 2023/24 for the self-employed or those in a partnership. HMRC note that the calculator cannot be used if more than two changes have been made to the accounting date....

The Land and Buildings Transaction Tax (additional amount: transactions relating to second homes etc) (Scotland) Amendment Order, SSI 2024/367, increases the rate of the land and buildings transaction tax additional dwelling supplement (ADS) to 8%...

The Scottish Rates of Income Tax (Consequential Amendments) Order, SI 2024/1289, allows deficiency relief to be calculated by reference to income taxable at the Scottish advanced rate of income tax. The point of the Order is to avoid disparities in...

HMRC have published a new online tool to help individuals and employment businesses estimate take-home pay and deductions where workers are paid by an umbrella company. The tool can be used to estimate gross and net pay for a single role based on NIC...

HMRC have updated their guidance on tips, gratuities, service charges and troncs to note that, although new legislation tightened up the law around the distribution of tips with effect from 1 October 2024 (with a view to making sure tips intended for...

As reported last month (Tax Journal, 29 November), the Upper Tribunal had rejected a taxpayer’s application for anonymity in a case involving failed tax avoidance arrangements (HMRC v The Taxpayer and others [2024] UKUT 364 (TCC)).An unredacted...

HMRC have updated their guidance on VAT late-payment penalties to include details of the penalties applicable for VAT payments that are overdue by 31 days or more (ie the second penalty). A new example illustrates the penalties for payments...

HMRC’s Pension Schemes Newsletter 165 highlights the following:Pension scheme returns: reminder that, from April 2025, pension scheme returns for 2024/25 onwards will need to be filed via the Managing Pension Schemes service. Pension payments to...

The value of tax debts collected overseas on behalf of HMRC increased by 11% in the 12 months to 31 December 2023 – rising to some £3.17m, according to recent figures. This is tax collected from individuals who owed tax to HMRC in the UK before...