Countdown for 5.7 million to file their 2022/23 self assessment tax return

With less than a month to go to the self assessment deadline 5.7 million taxpayers have been urged to file their 2022/23 tax returns by HMRC.

HMRC data shows almost 6.5 million customers …

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Artificial Intelligence will affect jobs and worsen inequality, says IMF

Artificial intelligence (AI) will affect almost 40% of all jobs around the world and deepen inequality, the International Monetary Fund (IMF) has warned.

In a new analysis, IMF researchers…

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New HMRC R&D tax relief guidance 'could be clearer', says ICAEW

New guidance from HMRC on Research and Development (R&D) tax relief 'could be clearer', according to the Institute of Chartered Accountants in England and Wales (ICAEW).

HMRC's draft…

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Treasury sets out next steps for Making Tax Digital

On 21 July, the Treasury set out the next steps in its plan to extend Making Tax Digital (MTD) to all businesses and those taxpayers that file self assessment returns.

Currently, businesses…

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Winter Economy Plan support for the self-employed

As part of the Winter Economy Plan the Self-Employment Income Support Scheme (SEISS) will be extended under the name SEISS Grant Extension. The grant:

  • will be limited to self-employed…

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Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics including:

  • coronavirus support schemes and what employers need…

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Gifts to employees can be tax-free

Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee.

A tax exemption is available…

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VAT deferral

HMRC has issued some guidance to taxpayers that deferred their VAT payments between 20 March and 30 June 2020 and still have payments to make.

HMRC is advising taxpayers who deferred their…

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Supreme Court backs small firms on business interruption claims

The UK's Supreme Court has found in favour of small firms receiving payments from COVID-19 business interruption insurance policies.

The test case was brought against insurers by the Financial…

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