The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to rethink the requirement for companies to report quarterly under Making Tax Digital for corporation tax (MTD for CT). In response to HMRC's consultation on expanding the MTD initiative to corporation tax, the ICAEW suggested that HMRC should reconsider reporting requirements 'at the very least ...

The Chancellor delivered his Budget speech on 3 March, with an attempt to balance the need to continue providing support to those affected by the COVID-19 pandemic, whilst raising taxes to meet the substantial costs that have been incurred in doing so. There were a number of measures announced that will be of interest to charities, including confirmation that the Coronavirus Jo ...

Individuals who previously made an election to stop receiving child benefit due to the high income child benefit charge (HICBC) may wish to consider revoking the election in order to restart their claim, if they feel that their income is likely to drop in the current climate below the HICBC upper income threshold of £60,000. The child benefit, or a proportion thereon, may need ...

For over a year now we have been working under exceptional circumstances as the country battles with the COVID-19 pandemic. The success of the UK’s vaccination programme though has contributed to the government’s roadmap for coming out of lockdown and returning to a more normal state, although it must be stressed that the situation is a fluid one and these plans are subject to ...

The UK government has unveiled a £20 million Brexit support package to help small and medium-sized enterprises (SMEs) with changes to customs and tax rules when trading with the EU. The SME Brexit Support Fund aims to help businesses prepare for the implementation of further import controls which come into force later this year. Businesses who trade only with the EU and are t ...

The government has published over 30 updates, consultations and documents on the UK's first ever Tax Day. The announcements, which would traditionally be published at Budget, have been released later to allow for scrutiny from stakeholders. It was announced that HMRC will tighten rules to force holiday let landlords to prove they have made a realistic effort to rent propertie ...

The government is to extend business rates relief with a £1.5 billion fund targeted at those businesses unable to benefit from the current COVID-19 support. Retail, hospitality and leisure businesses have not been paying any rates during the pandemic, as part of a 15 month-long relief which runs to the end of June this year. However, many businesses ineligible for reliefs hav ...