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Mar 7, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
CryptoassetsConsultation on the UK implementation of the OECD Cryptoasset Reporting Framework and amendments to the Common Reporting Standard seeking views on extension to domestic reporting. The Government announced at Spring Budget 2024 that it is consulting on the implementation of the OECD’s Cryptoasset Reporting Framework (CARF) including the approach that should be taken to its op-tional elements.
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
Home >Articles > ESS interest on late-payment penalties
ESS interest on late-payment penalties
6 March 2024
The Finance Act 2009, Sections 101 and 102 (Electronic Sales Suppression) (Appointed Day) Order, SI 2024/133, brought the FA 2009 ss 101 and 102 interest provisions into force from 4 March 2024, for the purposes of electronic sales suppression penalties.
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
HMRC have published the latest version of its Updates on VAT appeals: the list of VAT appeals that HMRC has lost and which may have implications for other businesses.
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
The Tax Credits, Child Benefit and Guardian’s Allowance Up-rating Regulations, SI 2024/247, increase the following amounts for working tax credit and child tax credit from 6 April 2024. Working tax credit: basic element increases from £2,280 to £2,435; couple and lone parent element increases from £2,340 to £2,500; 30-hour element increases from £950 to £1,015; disabled worker element increases from £3,685 to £3,935; andsevere disability element increases from £1,595 to £1,705.
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
Home >Articles > Liabilities on transfer of business to a company
Liabilities on transfer of business to a company
6 March 2024
The CIOT has sent a proactive submission to HMRC on uncertainties in relation to the application of ESC D32 on the incorporation of a business, where an individual transfers the whole of the assets and liabilities to a company for consideration consisting wholly of the issue of shares by the company, relying on incorporation relief under TCGA 1992 s 162.
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
Home >Articles > HMRC online services
HMRC online services
6 March 2024
HMRC have published new guidance on accessing HMRC’s online services using the new ‘GOV.UK One Login’. This will eventually replace other access points including the Government Gateway sign-in. HMRC say that it will prompt users when they need to move to the new login and that, until then, no one needs to take any action.
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
The OECD General-Secretary’s latest tax report to the G20 provides an update on international tax reform, including developments at the OECD/G20 Inclusive Framework on BEPS and the Global Forum on Transparency and Exchange of Information for Tax Purposes. The report covers the following:two-pillar International tax package (suggesting that, on the Pillar Two global minimum tax ‘a substantial share of large MNEs will be in-scope by the end of 2024’).
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
HMRC have revised their guidance on how to register a charity for tax, taxpayer’s obligations, and any reliefs or exemptions available. The guidance has been updated at section Claiming Gift Aid on waived refunds and loan repayments to confirm that, for individuals, only the capital part of a loan waiver can be treated as a qualifying donation for gift aid purposes.
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
HMRC have published a Notice under the powers in VATA 1994 Sch 9ZE, to set out various requirements for the VAT import one-stop shop. The import one-stop shop (IOSS) is designed to mirror the EU’s VAT distance sales rules, broadly for sales of certain low-value goods in Northern Ireland.
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Mar 6, 2024 | 
taxjournal.com | Jack Prytherch |Amanda Hardy KC |Oliver Marre |Emma Game
HMRC have published Brief 1/2024 confirming that the supply of live web streaming of funeral, burial, or cremation services is to be treated as exempt from VAT under VATA 1994 Sch 9 Group 8 item 2. HMRC have issued this as a clarification of the VAT treatment, given the increase in the live streaming of funeral services in recent years. Any tax incurred by an undertaker, cemetery or crematorium operator on the cost and overheads of providing such a supply is not normally recoverable.
