The Institute of Chartered Accountants in England and Wales (ICAEW) has urged the government to simplify the complexities of accessing apprenticeship funding. The Apprenticeship Levy took effect from 6 April 2017 and changed the way in which apprenticeships are funded. Larger employers are required to pay a levy of 0.5% of their annual pay bill. However an annual allowance of ...

In order to try and ensure that businesses are ready to trade post-Brexit, HMRC is automatically enrolling them in the customs system. HMRC has confirmed that more than 88,000 VAT-registered businesses across the UK will be allocated an Economic Operator Registration and Identification (EORI) number in order to enable them to keep trading with customers and suppliers in the EU ...

In the latest Trusts and Estates Newsletter HMRC has confirmed the continuation of the interim arrangement for interest reporting. In 2016 the requirement for payers to deduct tax at source on bank and building society interest was removed and income from these sources is now paid gross. Due to this change, trustees and personal representatives had increased reporting requirem ...

Two self assessment deadlines are approaching: 5th October 2019 For those individuals who have not previously completed a tax return but need to report a liability for 2018/19. 31st October 2019 For those individuals who have previously submitted 'paper' self assessment tax returns the deadline for the 2018/19 return is 31 October 2019. Returns submitted after that ...

A domestic reverse charge means the UK customer who get supplies of construction services must account for the VAT due on these supplies on their VAT return rather than the UK supplier. This removes the scope for fraudsters to steal the VAT due to HMRC and follows similar measures introduced in response to criminal threats for mobile telephones, computer chips, emissions allow ...

HMRC have published responses to the consultation, ‘Capital Gains Tax: Private Residence Relief: changes to the ancillary reliefs’ together with draft legislation as part of Finance Bill 2020. The draft legislation proposes changes to the Private Residence Relief (PRR) rules for disposals on or after 6 April 2020.  A summary of the proposed changes are as follows: The fina ...