Aug 23, 2022 | Business TaxPersonal Tax
A working group has been set up to tackle the complexities of cryptoasset tax compliance for accountancy firms in the UK. The Chartered Institute of Taxation (CIOT) and the Association of Taxation Technicians (ATT) aim to clarify uncertain accounting rules for...
Aug 22, 2022 | Business Tax
HMRC has announced that penalties will be issued to those not completing VAT returns through Making Tax Digital (MTD) from 1 November 2022. Anyone who files a VAT return through non-electric submission will face penalties of up to £400. The Association of Chartered...
Aug 18, 2022 | Business Tax
The film and creative industries continue to benefit from generous tax breaks, having claimed over £1 billion in the tax year ending March 2022, according to data from HMRC. In the 2021/22 tax year, creative industry tax reliefs for corporation tax totalled £1.05bn,...
Aug 15, 2022 | Business TaxPersonal Tax
Following the increase of the Bank of England's (BoE) base rate to 1.75%, HMRC will raise late payment interest on tax bills by 0.5%, coming into effect on 23 August 2022. This means the late payment interest rate will be 4.25%, having already increased to 3.75% on 5...
Aug 9, 2022 | Business TaxPersonal Tax
HMRC will be revising the late payment rates for tax returns following the Bank of England's (BoE) rise in interest rates. After the BoE's monetary policy committee voted to raise the base rate from 1.25% to 1.75% on 4 August, HMRC announced it will be revising...
