ICAEW.com works better with JavaScript enabled.

TAX NEWS

Tax news in brief

Article

Published: 07 Apr 2021 Update History

Highlights from the broader tax news week ending 7 April, which includes confusion over when the rises to national minimum wage and living wage rises take effect; and additional guidance on R&D claims.

National minimum wage and living wage rises – 1 April does not necessarily mean 1 April

The government may have announced that millions were to receive a pay rise from 1 April, but what a lot of people don’t realise is that the increase actually applies from the start of the first pay period starting on or after 1 April. This is because reg 4B, The National Minimum Wage Regulations 2015, SI 2015/621, as amended states, “The hourly rate of the national minimum wage at which a worker is entitled to be remunerated as respects work, in a pay reference period, is the rate which applies to the worker on the first day of that period”. 

New supplementary page for R&D claims

HMRC has issued a new supplementary page (CT600L) to the form CT600 for research and development (R&D) claims from 1 April 2021. It applies to R&D claims under the small and medium-sized enterprise R&D regime and the R&D expenditure credit regime. 

More support on tax

ICAEW's Tax Faculty provides technical guidance and practical support on tax practice and policy. You can sign up to the Tax Faculty's free enewsletter (TAXwire) which provides weekly updates on developments in tax.

Sign up for TAXwireJoin the Tax Faculty
ICAEW Know-How from the Tax Faculty

This guidance is created by the Tax Faculty, recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.