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Following the announcement in December 2022 that Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) for those with income over £30,000 would be deferred, HMRC undertook a Small Business R

Agent reference number requirement

HMRC have confirmed (tinyurl.com/s69nhw5j) that, from 26 February 2024, an agent reference number (ARN) will be

Clause 36 introduces a regulation-making power that allows for the new penalty regime on late filing and late payment (FA2021 ss 116-118 and Sch 24-27) to be brought into effect for income tax from

Trivial benefits

Our first Autumn Statement representation dealt with two aspects of the trivial benefits exemption in the Income Tax (Earnings and Pension) Act 2003 s 323A: revising

The CIOT took the November Autumn Statement as a further opportunity to call for greater recognition within tax legislation for cryptoassets.

On 18 July 2023, several consultations were launched as part of ‘Legislation Day’ (or ‘L-Day’); one of these concerned the tax treatment of Employee Ownership Trusts (EOTs) and Employee Benefit Tru

Basis period reform will start from the 2024/25 tax year, with 2023/24 being a transitional tax year so that all unincorporated businesses move to reporting their business profits on a tax year bas

The draft regulations themselves have not yet been published, but HMRC’s policy paper published at the same time as the draft legislation indicates that the government will require businesses to pr

Our response, which can be read in full at www.tax.org.uk/ref1185, covered the following matters:

The apparent ‘misnaming’ of the two types of relief do not help employers to get things right: a ‘net pay arrangement’ (NPA) sees contributions being deducted from gross income; and a ‘rel