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Spotlight 68: Using prepaid debit cards for profit extraction to reduce profits and disguise income

HMRC has published Spotlight 68, which highlights a scheme that uses advertising and marketing expenditure to reduce profitability and disguise income in the form of redeemable loyalty points.

31 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

HMRC Directions under the Income and Corporation Taxes (Electronic Communications) Regulations 2003 (S.I. 2003/282)

These directions specify the procedures for electronic communications related to claim notifications, additional information, and amendments to company tax returns containing an R&D claim.

31 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Weekly Roundup HMRC Manuals: 31 March 2025

31 March 2025 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

31 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC interest rates for late and early payments

Following the publication of

28 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

CIOT response: Inquiry into the Scottish Budget process in practice

The CIOT has published its response to the inquiry into the Scottish Budget process in practice. The response focuses on the effectiveness of the Budget process in delivering tax policy in Scotland and highlights the need for improvements in legislative procedures for devolved taxes.

28 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

SI 2025/386 Taxes and Duties, etc (Interest Rate) (Amendment) Regulations 2025

These Regulations are made to amend four pieces of secondary legislation to increase the late payment interest rate on amounts payable to HMRC in respect of unpaid tax liabilities by 1.5 percentage points.

27 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

SI 2025/383 Relief for Creative Industries (Additional Information Requirements and Miscellaneous Amendments) (Amendment) Regulations 2025

These Regulations are made to amend the Relief for Creative Industries (Additional Information Requirements and Miscellaneous Amendments) Regulations 2024, SI 2024/320 to correct a small number of errors present, including the previous omission of data items relating to production status and touring schedules, and clarify some parts of the text relating to the definition of a tax adviser and the provision of information in Table 2.

26 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Spring Statement 2025: key tax announcements

The Chancellor delivered the government’s Spring Statement on 26 March 2025. Although not a Budget or ‘major fiscal event’ the statement included a number of tax announcements.

26 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Weekly Roundup HMRC Manuals: 24 March 2025

24 March 2025 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

24 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Finance Act 2025 receives Royal Assent

Finance Act 2025 received Royal Assent on 20 March 2025.

21 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

R&D guidance updated to add details for companies based in Northern Ireland

Three R&D guidance pages have been updated to add details for companies based in Northern Ireland.

21 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Agent Update: Issue 129

HMRC has published Issue 129 of the Agent Update, providing a round-up of updates and reminders for tax practitioners.

20 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

SI 2025/364 The Annual Tax on Enveloped Dwellings (Indexation of Annual Chargeable Amounts) Order 2025

This Order is made to state the annual chargeable amounts of the annual tax on enveloped dwellings.

20 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Make a Reserved Investor Fund notification to HMRC

HMRC has published guidance on how to notify them when entering a scheme into the Reserved Investor Fund regime.

19 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Weekly Roundup HMRC Manuals: 17 March 2025

17 March 2025 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors

17 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

Updated HMRC guidance on ATED to add link to tool

HMRC guidance has been updated to add a link to the ‘Check how to submit your ATED return’ tool.

17 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

SI 2025/349 Economic Crime and Corporate Transparency Act 2023 (Commencement No 4) Regulations 2025

These Regulations are made to bring certain provisions of the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) into force on 18 March 2025 and 1 September 2025. They also revoke the Economic Crime and Corporate Transparency Act 2023 (Commencement No 3) Regulations 2024, SI 2024/1108, and amend the Register of Overseas Entities (Annotation and Removal) Regulations 2024, SI 2024/53.

17 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

HMRC further updates creative industry tax reliefs guidance

HMRC recently updated its creative industry tax reliefs guidance stating that, from April 2025, the CT600P creative industries supplementary page had to be included with returns. The guidance has been further updated to remove the need to submit the supplementary page.

14 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

SI 2025/345 The Double Taxation Relief and International Tax Enforcement (Belarus) (Revocation) Order 2025

This Order is made to revoke the Double Taxation Relief and International Tax Enforcement (Belarus) Order 2018, SI 2018/778, which gives effect to arrangements between the UK and the Republic of Belarus with a view to affording relief from double taxation

14 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

SI 2025/344 The Double Taxation Relief (Russian Federation) (Revocation) Order 2025

This Order is made to revoke the Double Taxation Relief (Taxes on Income) (Russian Federation) Order 1994, SI 1994/3213, which gives effect to arrangements between the UK and the Russian Federation with a view to affording relief from double taxation.

14 Mar 2025 00:00 | Published by a Tolley Corporation Tax expert

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Married couple’s allowance

Married couple’s allowanceThe married couple’s allowance (MCA) is only available if one of the two spouses or civil partners was born before 6 April 1935. This means that one member of the couple must be at least 89 years old on 5 April 2024 to qualify for an allowance in the 2023/24 tax year.There

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Winding up a trust ― legal, administrative and compliance issues

Winding up a trust ― legal, administrative and compliance issuesOverviewWhen winding up a trust, there are legal formalities and compliance issues that need to be dealt with, as well as IHT and CGT consequences that flow from the termination. This guidance note considers when and how a trust comes

14 Jul 2020 14:01 | Produced by Tolley Read more Read more

Self assessment ― amendments and corrections

Self assessment ― amendments and correctionsOnce a self assessment tax return has been filed, both HMRC and the taxpayer (or the agent) has the right to make changes to the return. There are different time limits depending on whether it is a correction by HMRC or an amendment made by the

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