In response to HMRC’s consultation on simplifying the rules relating to land and property, the Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to abolish all VAT exemptions and remove all VAT options. The ICAEW stated that the VAT rules regarding land and property are ‘unnecessarily complex’ and stand to benefit… Read more…

HMRC has issued guidance on claiming the fifth and final self-employed Income Support Scheme (SEISS) grant. Unlike previous SEISS grants the amount of the fifth grant available is determined by how much a self-employed individual’s turnover is reduced. The fifth grant is 80% of three months’ average trading profits capped at £7,500 for those self-employed… Read more…

The Government has published draft clauses for the next Finance Bill, which broadly cover pre-announced policy changes. The government is committed, where possible, to publishing most tax legislation in draft for technical consultation before the relevant Finance Bill is laid before Parliament. The consultation will close on 14 September 2021. Internet link: GOV.UK Draft Finance… Read more…

HMRC has recently launched a consultation on how basis periods can be reformed for income tax for the self-employed. The consultation seeks to gather views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading business are allocated to tax years using basis periods. The consultation also… Read more…

Do you feel like there aren’t enough hours in the day and you’re constantly chasing deadlines? Time management may seem like another buzz phrase that you see on every CV but it can completely transform your working day. Not only will you increase your productivity and efficiency, you’ll also reduce stress and anxiety and boost… Read more…

HMRC has confirmed that almost 800,000 employees who have been working from home during the pandemic have already claimed tax relief on household related costs. The saving is worth up to £125 per year for each employee, and eligible workers can claim the full year’s entitlement if they have been told to work from home… Read more…

HMRC is reminding tax credit claimants that they have until 31 July 2021 to renew their claims. According to HMRC, 440,000 claimants have yet to renew their claims. More than 2.5 million annual tax credits packs were posted to claimants between late April and early July 2021. Claimants will have either received an ‘auto-renewal’ reminder… Read more…

More than 282,000 working families used a Tax-Free Childcare (TFC) account during March 2021, according to figures from HMRC. HMRC stated that it is the highest recorded number of families in any one month since the scheme was launched in April 2017. These families received a share of more than £33 million in government top-up… Read more…

Three schemes were launched on 1 July to deal with VAT on business-to-consumer supplies of goods and services to EU customers. They are known as the ‘Union’, ‘non-Union’ and ‘import’ schemes. The schemes are designed to facilitate the collection of VAT by one EU member state, which is then passed on to the member state… Read more…

HMRC has launched nearly 13,000 investigations into alleged abuse of the government’s coronavirus (COVID-19) financial support schemes. A freedom of information request revealed that, up to the end of March 2021, HMRC opened 12,828 investigations into alleged cases of fraud. 7,384 of these investigations related to abuse of the COVID-19 support schemes. 5,020 investigations were… Read more…