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The government announces increases in NIC and tax on dividends

To help fund the government’s social care plans NIC rates will increase by 1.25% and tax on dividends will increase by 1.25% from April 2022.

07 Sep 2021 00:00 | Published by a Tolley Corporation Tax expert

The Chancellor announces that Autumn Budget will be on 27 October 2021

The government spending plans are to be set out at the Spending Review on 27 October 2021 alongside an Autumn Budget.

07 Sep 2021 00:00 | Published by a Tolley Corporation Tax expert

The government announces pension triple lock scrapped for 2022-23

For 2022–23, the earnings element on which the annual increase in the state pension is calculated will be set aside.

07 Sep 2021 00:00 | Published by a Tolley Employment Tax expert

Weekly roundup of HMRC manual changes: 6 September 2021

6 September 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

06 Sep 2021 00:00 | Published by a Tolley Corporation Tax expert

Law society response: Income tax basis period reform consultation

The Law Society has responded to HMRC’s consultation on basis period reform which closed on 31 August 2021.

02 Sep 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

Jamaica and Ukraine commit to start automatic exchange of financial account

Jamaica and Ukraine have committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2022 and 2023 respectively.

02 Sep 2021 00:00 | Published by a Tolley Corporation Tax expert

ATT response: Basis period reform

Responding to HMRC’s consultation on basis period reform, the Association of Taxation Technicians (ATT) has called for a delay to the implementation of plans to change how partners and sole traders calculate their taxable profits each year.

02 Sep 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

Updated HMRC guidance for taxable and non-taxable trusts

HMRC has updated its guidance with information on which trusts are to be registered and which are not.

01 Sep 2021 00:00 | Published by a Tolley Trusts and Inheritance Tax expert

Togo joins OECD's two-pillar plan and BEPS inclusive framework

Togo has joined the BEPS inclusive framework and the two-pillar plan to reform the international taxation rules to ensure that multinational enterprises pay a fair share of tax wherever they operate.

01 Sep 2021 00:00 | Published by a Tolley Corporation Tax expert

Scotland's first framework for tax and tax policy in relation to the Scottish Budget 2022-23

The Scottish Government has launched a consultation seeking the public’s views on its overarching approach to tax policy, through Scotland’s first framework for tax, and how the Scottish Government should use its devolved and local tax powers as part of the Scottish Budget 2022–23, particularly to support the ongoing economic recovery from coronavirus (COVID-19). The consultation also outlines the Scottish Government’s tax programme for this Parliament.

01 Sep 2021 00:00 | Published by a Tolley Corporation Tax expert

Weekly roundup of HMRC manual changes: 31 August 2021

31 August 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

31 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

SDLT guidance update on seeding relief

HMRC has updated its guidance with a new section 'Seeding relief for Property Authorised Investment Funds or Co-Ownership Authorised Contractual Schemes’.

27 Aug 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

Pension schemes newsletter 132 — August 2021

HMRC has published pension schemes newsletter 132, which informs relevant stakeholders of the latest news and updates regarding pension schemes.

27 Aug 2021 00:00 | Published by a Tolley Personal Tax expert

CC/FS60: Compliance checks: financial institution notice

HMRC has published a new factsheet on information and documents that a financial institution will need to provide to HMRC if they receive a financial institution notice (FIN).

27 Aug 2021 00:00 | Published by a Tolley Owner-Managed Businesses expert

Company cars: advisory fuel rates from 1 September 2021

HMRC has published revised advisory fuel rates for company cars which apply from 1 September 2021.

25 Aug 2021 00:00 | Published by a Tolley Employment Tax expert

Weekly roundup of HMRC manual changes – 23 August 2021

23 August 2021 - This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.

23 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

SEISS API problem

The Chartered Institute of Taxation (CIOT) has reported a problem with HMRC’s software that is causing incorrect SEISS figures to be included in the self-assessment tax return.

23 Aug 2021 00:00 | Published by a Tolley Employment Tax expert

Agent update: issue 87

HMRC has published Agent Update issue 87 (August 2021) providing a round-up of recent developments for tax agents and advisers.

19 Aug 2021 00:00 | Published by a Tolley Corporation Tax expert

Digital tax reform: professional bodies urge caution

The CIOT, ATT and other professional bodies have urged the UK government to reconsider the timetable for basis period reform alongside other changes in the move towards a digital tax system.

19 Aug 2021 00:00 | Published by a Tolley Employment Tax expert

HMRC publishes managing pension schemes service newsletter for August 2021

HMRC has published its managing pension schemes service newsletter for August 2021. The newsletter is designed to update stakeholders on the latest news for pension schemes.

17 Aug 2021 00:00 | Published by a Tolley Personal Tax expert

Popular Articles

Simple assessments

Simple assessmentsFrom 2016/17 onwards, HMRC has the power to make a ‘simple assessment’ of the taxpayer’s income tax and / or capital gains tax liability outside of the self assessment system. As HMRC already receives significant amounts of information on the income received and tax paid by

14 Jul 2020 13:40 | Produced by Tolley Read more Read more

Long service awards

Long service awardsEmployee recognition by an employer can be an important motivational tool, as well as having a positive effect on retention. Most employer awards made to an employee are treated as taxable earnings under ITEPA 2003, s 62 or as a benefit under ITEPA 2003, s 201 because they are

14 Jul 2020 12:11 | Produced by Tolley Read more Read more

Payroll record keeping

Payroll record keepingUnder SI 2003/2682, reg 97, “...an employer must keep, for not less than 3 years after the end of the tax year to which they relate, all PAYE records which are not required to be sent to [HMRC]...”. Reasons for keeping the records include:•being able to calculate tax and

14 Jul 2020 12:52 | Produced by Tolley in association with Ian Holloway Read more Read more