HMRC has appointed six independent industry specialists to a new Research and Development (R&D) Expert Advisory Panel. The introduction of the panel is one of a number of practical enhancements that the tax authority says will make it easier for UK firms to understand R&D tax relief. R&D tax reliefs are valuable incentives designed to… Read more…

HMRC has opened up a service for landlords and self-employed to apply for exemption from Making Tax Digital (MTD) for Income Tax phase one. From next April, people who are self-employed and landlords, and declare more than £50,000 of gross income in their 2024/25 self assessment tax return, will be legally required to follow the… Read more…

New legislation aimed at tackling rogue tax agents and those pushing tax avoidance schemes won’t catch all of those it is aimed at, warns the Chartered Institute of Taxation (CIOT). Instead the measures could make it harder for some taxpayers to get the advice they need to comply with tax laws, the Institute added. The… Read more…

Over 750,000 18-to-23-year-olds have yet to claim their matured Child Trust Funds, according to HMRC. The tax authority says that the accounts are worth £2,242 each on average. Child Trust Funds are long term, tax-free savings accounts which were set up for children born between 1 September 2002 and 2 January 2011 with an initial… Read more…

HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including: Making your PAYE Settlement Agreement payment. Guidance for labour supply chains featuring umbrella companies. New Advisory Electric Rate for fully electric company cars. Spotlight 71 – Warning for agency workers and contractors who are moved between… Read more…

Failed housing transactions cost consumers and the economy at least £1.5 billion every year, according to research published by Santander. The research says that over 530,000 transactions fall through every year due to the UK’s antiquated homebuying process. The economic analysis shows that the direct cost to consumers of this through expenditure on elements such… Read more…

Artificial intelligence (AI) could boost the value of cross-border flows of goods and services by nearly 40% by 2040 thanks to productivity gains and lower trade costs, according to a World Trade Organization (WTO) report. However, the report says that for AI and trade to contribute to inclusive growth policies need to be in place… Read more…

Lowering the threshold for VAT registration in the Autumn Budget would breach Labour’s manifesto, IPSE, the Self-Employed Association has warned. IPSE says that the government is in a bind both politically and economically. Having ruled out tax rises on ‘working people’ and hiking employer National Insurance contributions (NICs) the Chancellor’s options are limited. IPSE asks,… Read more…