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May 10, 2024 | 
taxjournal.com | David Whiscombe |James Quarmby |Carrie Rutland |Charles Yorke
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May 9, 2024 | 
taxjournal.com | David Whiscombe |James Quarmby |Carrie Rutland |Charles Yorke
Tax Journal, in partnership with Tolley and Taxation magazine, is conducting research on the potential impact of AI on UK tax. By way of thanks, a random selection of 200 respondents will be sent a £20 Amazon voucher. To take part, visit tinyurl.com/tolleygenaisurvey
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May 9, 2024 | 
taxjournal.com | David Whiscombe |James Quarmby |Carrie Rutland |Charles Yorke
Home >Articles > EC’s call for evidence on DAC
EC’s call for evidence on DAC
9 May 2024
The European Commission is inviting feedback on the rules and procedures for exchanging information between EU countries tax authorities. The evaluation will assess the effectiveness, efficiency and continued relevance of the DAC and its amendments (DAC2 to DAC6), as well as its coherence with other policy initiatives and priorities. The call for evidence closes on 30 July 2024.
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May 8, 2024 | 
taxjournal.com | David Whiscombe |Peter Vaines |James Quarmby |Carrie Rutland
The Treasury Committee’s evidence session on the work of HMRC (24 April 2024) looked into various aspects of HMRC’s operations including the processing of R&D claims, with Committee member John Baron MP raising a number of questions around HMRC’s handling of claims.
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May 8, 2024 | 
taxjournal.com | David Whiscombe |Peter Vaines |James Quarmby |Carrie Rutland
Tax Policy Associates (TPA) has drawn attention to a form of VAT fraud which exploits companies which routinely receive VAT refunds. Fraudsters operate the scheme by submitting a paper form VAT484 (which is used to notify HMRC of changes to a VAT-registered business’s contact, bank or VAT return date details) purportedly on behalf of the company, changing the company’s bank details. HMRC process the form and issue the refund direct to the fraudulent bank account.
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May 8, 2024 | 
taxjournal.com | David Whiscombe |Peter Vaines |James Quarmby |Carrie Rutland
HMRC’s latest Stakeholder Digest includes the following highlights:Basis period reform reminder for sole traders and partners: HMRC published guidance on working out transition profit in April, with a link to its new ‘work out your transition profit’ calculator tool. The Digest links through to HMRC’s explanatory YouTube video.
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May 8, 2024 | 
taxjournal.com | David Whiscombe |Peter Vaines |James Quarmby |Carrie Rutland
Data commissioned by Tax Policy Associates from polling specialist WeThink suggests that 50% of the UK public do not understand how the income tax bands work. The survey data asked the following question: ‘Suppose that you earn £50,270, the highest amount in the basic rate 20% income tax band. You get a £1 a year pay rise, and are now in the 40% higher rate tax band.
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May 8, 2024 | 
taxjournal.com | David Whiscombe |Peter Vaines |James Quarmby |Carrie Rutland
HMRC have published a new landing page from which all tertiary legislation relating to VAT can be accessed. Tertiary legislation is generally issued by government departments under authority granted to them in primary legislation (Acts of Parliament) or secondary legislation (statutory instruments). In practice, for VAT, tertiary legislation is set out in sections of HMRC’s VAT Notices which have the force of law.
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May 8, 2024 | 
taxjournal.com | David Whiscombe |Peter Vaines |James Quarmby |Carrie Rutland
Home >Articles > New guidance on capital allowances
New guidance on capital allowances
8 May 2024
HMRC have issued new basic guidance on common errors in plant and machinery allowances claims and how to avoid them. This is an addition to HMRC’s series which HMRC say ‘makes clear our view on complex, widely misunderstood, or novel areas of the tax rules’.
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May 8, 2024 | 
taxjournal.com | David Whiscombe |Peter Vaines |James Quarmby |Carrie Rutland
Home >Articles > HMRC’s data collection consultation
HMRC’s data collection consultation
8 May 2024
The CIOT has responded to HMRC’s consultation on draft regulations which set out the detail of additional data-gathering powers under FA 2024 s 36 which are expected to come into force from April 2025.
