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The 2023/24 self assessment season opened on 6 April 2024. This is the first year in which profits need to be reported to the tax year end, as basis period reform kicks off with 2023/24 dubbed “the transition year” by HMRC.
HMRC has kicked off the latest round of testing for its Making Tax Digital for Income Tax (MTD IT) programme. Designed to stress-test the robustness of HMRC’s systems before the new rules are mandated in April 2026, the ‘private beta’ is available to taxpayers who meet set criteria laid down by the tax department.
Deadlines are synonymous with working in payroll. Anyone who deals with payroll knows there are certain dates in the year by which certain activities must be carried out and relevant reports or payments submitted. The deadline to send P11Ds to HMRC and employees who need one by 6 July is one of those deadlines that should be etched into your mind. If you haven’t already started thinking about doing this, here’s your polite nudge!
Basis period reform is a fundamental change in how the trading profits of unincorporated businesses - such as sole traders and members of partnerships - are calculated for tax purposes.From 6 April 2024, a new ‘tax year basis’ of assessment applies, with businesses taxed on the profits arising in each tax year regardless of their accounting period end date.
A self-represented taxpayer, who failed to understand the treatment of his beneficial ownership of a property for tax purposes following the discharge of his bankruptcy, was unsuccessful at the first tier tribunal (FTT) when challenging a ca. £25,000 capital gains tax bill.BackgroundIn 1997, Newfield inherited a London property from his mother. In 2000, the taxpayer was made bankrupt and beneficial ownership of the property vested in a partner of Grant Thornton UK LLP as his trustee in...
James Stamp, a former KPMG partner who was appointed to the position less than two years ago, will stand down at the group’s annual general meeting on 11 June.Helen Cowing, former CFO of investment manager Octopus, food vendor Selecta Group and manufacturer Ideal Standard International, will assume the role of interim CFO on the same day.She will not hold a board position, the company said.
HMRC has been accused of “scrabbling round to see what you can rescue from the mess that’s been created” on the back of its decision last month to perform a remarkable U-turn on proposals to make permanent changes to its helplines.
The post-pandemic period brought fewer permanent changes to daily life than many predicted. Air travel has returned to pre-pandemic levels, handshaking, hugging and air-kissing are back and facemasks are a rare sight.
HMRC’s specialist compliance team, focused on IR35 investigations, had a headcount of 45 for the year ending 5 April 2024, according to law firm Pinsent Masons.Information provided by the department shows that the team also has access to additional manpower and resources to tackle the lengthy and “at times controversial” arrangements under IR35 rules, where individuals are paid as self-employed contractors rather than as employees.
Instead of fireworks, we got a damp squib and the industry has not received the reassurance it desperately needed when it comes to the government's plans to tackle tax avoidance. The government's track record of delayed action has once again played out and does not inspire confidence that a clear, decisive plan will be presented any time soon.Thursday’s statement simply reiterated the government's ongoing 'concern' about non-compliance in the umbrella market and its detrimental impact ...
At Spring Budget 2024, the government committed to launching a number of consultations on the impacts of recent high court ruling relating to the private-hire vehicle sector, umbrella companies and charitable donations.Here we consider the consultation and proposals concerning charity gifting and the donation of goods and stock.
In the case of Elphysic Limited & Others vs HMRC [2024] UKFTT 00291 (TC), the first tier tribunal (FTT) ruled that mini umbrella company (MUC) arrangements are not permitted to account for VAT under the flat rate scheme (FRS), nor are they entitled to the employment allowance (EA).
It’s been a record year for HMRC, with provisional figures showing the department collected £827.7bn worth of tax in the latest financial period - an almost 5% increase on the prior period. Also on the rise though are stealth taxes.These personal taxes cover income tax, class 1 (employee), class 2 and class 4 national insurance contributions (NICs), capital gains tax (CGT) and inheritance tax (IHT).
The left winger and ‘World in Motion’ rapper was pulled up by the Insolvency Service after he paid zero tax to HMRC between November 2018 and October 2020, despite his company having a turnover of £441,798.Barnes, who provided media services through John Barnes Media Limited, was disqualified following an investigation from the Insolvency Service after the company went into liquidation in September last year.
“I was starting to get desperate. I tried to think of ways around it – just giving my clients away to avoid being sued felt like the cheaper option.”
