Features and articles from ICAEW related to tax returns under the UK tax regime.
In 2023, HMRC issued a letter stating that boiler upgrades did not constitute a repair. However, HMRC is now contacting affected taxpayers acknowledging that this advice was incorrect.
The government has announced improvements and legislative changes intended to increase the use of HMRC’s online income tax services.
HMRC has written to taxpayers who may have sold shares and failed to include the disposal on their tax return.
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Mei Lim Cooper looks at some of the useful changes made by Finance (No. 2) Act 2023 to simplify the rules for trusts and estates. Most of the measures take effect from 6 April 2024.
While a record 11.5 million self assessment tax returns were filed by 31 January, the number missing the deadline increased by 100,000.
This month’s top stories include mandated payrolling employer-provided benefits; information around the abolition of the pensions lifetime allowance; and an explainer on how to calculate NICs for directors.
Individuals who received, sold or exchanged cryptoassets may be subject to income tax or capital gains tax (CGT) that should be reported on a self assessment tax return, due by 31 January 2024.
HMRC has advised that postmasters who do not receive a top-up payment in good time to meet the 31 January 2024 filing deadline will not be subject to interest and penalties. HMRC also has a specialised team to deal with queries from postmasters.
A further change to the criteria for filing a self assessment tax return was announced in the Autumn Statement 2023. More changes are expected as new digital services are rolled out or improved.
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Compliance is traditionally viewed as the cornerstone of accounting practice, dealing with reviewing historical accounts, reporting and preparing tax returns. However, when it comes to building a high-growth, successful firm, there are significant challenges to relying solely on compliance work: