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Comments Off on Government extends VAT exemption for pharmacists

Government extends VAT exemption for pharmacists

Government extends VAT exemption for pharmacists

The VAT exemption for pharmacists has been extended to medical services carried out by supervised, non-registered staff as of 1 May. Prior to the measure, the exemption only applied to medical services carried out by registered health professionals. The new zero-rating rules now mean that all staff can provide their service exempt from VAT under … Continued

Comments Off on ICAEW calls MTD quarterly reporting “disproportionate”

ICAEW calls MTD quarterly reporting “disproportionate”

ICAEW calls MTD quarterly reporting “disproportionate”

The Institute of Chartered Accountants for England and Wales (ICAEW) is urging HMRC to rethink the quarterly reporting model for Making Tax Digital for income tax self-assessment (MTD for ITSA). In a letter to HMRC, the representative body is asking the Government to review the quarterly reporting process for the upcoming extension of MTD. According … Continued

Comments Off on Tax take soars by almost 10%

Tax take soars by almost 10%

Tax take soars by almost 10%

Recent HMRC data shows that the Treasury collected £786.6 billion in taxes in 2022/23 – a 9.9% increase on last year’s total of £715.3bn. Receipts from income tax, capital gains tax and National Insurance contributions hit £47bn – accounting for over half (57%) of the total tax take. Meanwhile, property price increases mean more families … Continued

Comments Off on Government launches cryptoassets consultation

Government launches cryptoassets consultation

Government launches cryptoassets consultation

The Government has launched a consultation to modify the tax treatment of cryptoassets used in decentralised finance (DeFi) lending and staking transactions. The law currently treats many of these transactions as disposals for tax purposes. This usually triggers a capital gains tax (CGT) charge, despite the owner still having an economic interest in the asset. … Continued

Comments Off on New business rates bill aims to “let communities thrive”

New business rates bill aims to “let communities thrive”

New business rates bill aims to “let communities thrive”

The Government has introduced a new bill to modernise business rates across the country. Following feedback from businesses calling for a fairer system, the new Non-Domestic Rating Bill, announced on 29 March, will support businesses by incentivising property investment and introducing more frequent valuations. A new business rates improvement relief will remove barriers for businesses … Continued

Comments Off on HMRC U-turns on paper only self-assessments

HMRC U-turns on paper only self-assessments

HMRC U-turns on paper only self-assessments

Just weeks after announcing downloadable self-assessment returns would no longer be available online, HMRC has backtracked its decision. Originally, the Government planned to take the option of physical self-assessment forms off the online portal, meaning taxpayers would have to call a dedicated line to request one. At the end of March 2023, HMRC contacted almost … Continued

Comments Off on Digital service tax could become permanent

Digital service tax could become permanent

Digital service tax could become permanent

A new report from the Public Accounts Committee (PAC) warns that the “temporary” digital services tax (DST) could stay in place longer than planned. The DST raised £358 million in its first year – 30% more than expected. However, the Treasury acknowledges that it is a “second best” solution until the international community introduces a … Continued

Comments Off on HMRC releases guidance on LTA abolition

HMRC releases guidance on LTA abolition

HMRC releases guidance on LTA abolition

HMRC has released guidance clarifying how it will phase in the abolition of the lifetime allowance (LTA) for pensions. As announced by Chancellor Jeremy Hunt in his Spring Budget 2023, the current £1,073,100 threshold on the LTA ended on 5 April. However, because the legislation is not included in the Spring Finance Bill 2023, the … Continued

Comments Off on Super-deduction replaced by “full expensing”

Super-deduction replaced by “full expensing”

Super-deduction replaced by “full expensing”

In his first Spring Budget speech, Chancellor Jeremy Hunt announced a new “full expensing policy” to encourage business investment. From April 2023 to March 2026, companies can claim 100% capital allowances on qualifying plant and machinery, writing off the cost of investment in one go. The policy comes as the existing super-deduction, which provides a … Continued

Comments Off on Chancellor removes lifetime pension limit

Chancellor removes lifetime pension limit

Chancellor removes lifetime pension limit

The pension lifetime allowance (LTA), which limits the amount savers can contribute to their pensions without a tax charge, will be abolished, Chancellor Jeremy Hunt announced in his Spring Budget. Currently, people who save more than the current allowance level of £1,073,100 in their workplace pension scheme face a tax charge of either 25% or … Continued