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Tax Update 02/10

Keep up to date with the key announcements made this past week. Top Slicing Relief on life insurance policy gains Following on from the Silver case (see below), changes to Top Slicing Relief were included in the Finance Act 2020. In the wake of this change, the Chartered Institute of Taxation have released a update

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making tax digital
Tax Updates

Tax Update 11/09

Keep up to date with the key announcements made this past week. Loan Charge deadline looms large The deadline for settling the highly controversial disguised remuneration loan charge is fast approaching. Following the findings of the report from Sir Amyas Morse, HMRC relented and narrowed the scope of the loan charge, removing a  large number

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Tax Updates

Tax Update 04/09

Keep up to date with the key announcements made this past week. Coronavirus Job Retention Scheme changes The latest September updates to the Coronavirus Job Retention Scheme have now taken effect. The updates will see the total contribution provided by the scheme fall from 80% of employees wages to 70% up to a cap of

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HMRC

HMRC have been Issuing warning letters for P11D and P11D (b)

It has recently been reported by the Institute of Chartered Accountants in England and Wales (ICAEW) that employers and agents who have submitted forms P11D and P11D (b) on time have been receiving penalty warning letters from HMRC. HMRC offered the following explanations to the ICAEW: For online filings: processing delays could include, processing delays

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Coronavirus Updates

Coronavirus Job Retention Scheme changes from September

From today (September 1) there will be changes to the way that the Coronavirus Job Retention Scheme (CJRS) makes payments to employers. What is changing? For the period from 1 September to 30 September the schemes grant will reduce from the previous 80% down to 70% of employees’ pay up to a cap of £2,187.50

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Tax Updates

This Weeks Tax Announcements 28/08

Keep up to date with the key announcements made this past week. HMRC announce new payment for people self-isolating in highest risk areas The Government has announced a new payment for people on low incomes in areas with high rates of COVID-19 who have been forced to self-isolate and can’t work from home. The scheme

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mixed funds
Coronavirus Updates

HMRC issue CJRS Compliance Letters

The Association of Tax Technicians have announced that HMRC issued the first wave of Coronavirus Job Retention Scheme (CJRS) compliance letters last week. The action comes as HMRC moves past it’s transaction review phase of the scheme. The initial set of letters, which were due to arrive on doormats from 18th August, will be asking

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Tax Updates

Tax update 21/08

Keep up to date with the key announcements made this past week. HMRC has produced updated guidance on disguised remuneration settlement terms HMRC have updated a number of their guidance pages on disguised remuneration tax schemes. The changes relate to those made to the loan charge in the Finance Act 2020. The updates come as

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making tax digital
Tax Updates

Tax Update 7/8/2020

Tax Update 7/8/2020 Keep up to date with the key announcements made this past week. Job Retention Bonus Clarification for Employers HMRC have produced a policy paper on the eligibility requirements for employers seeking to claim the job retention bonuses. The updated guidance provides clarifications as to when claims can be submitted, claims after the

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Other

General Electric accused of $1 billion tax fraud

General Electric accused of $1 billion tax fraud In an astonishing turn of events HMRC have gone from praising General Electrics (GE) tax department to alleging that the company has committed tax fraud. In 2012 Will Morris, the companies director of tax policy was recognised for his role in “informing the public debate on large

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Tax Updates

Tax Update 31/7/2020

Keep up to date with the key announcements made this past week. Covid-19 support scheme overpayments HMRC has published two new compliance check factsheets, these factsheets cover assessments, interest and penalties where grants under the coronavirus support schemes have been over paid and fail to notify HMRC about the overpayment. CC/FS48 Job Retention Scheme –

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national living wage increase
Tax Updates

Tax Update 24/07/2020

Keep up to date with the key announcements made this past week. Finance Bill 2020 On the 22nd July the Finance Bill 2020 received royal accent and became the Finance Act 2020 Finance Bill 2021 A day earlier on the 21st July, HMRC published the draft legislation for the next finance bill. The draft provisions,

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