Jun 29, 2022 | Business TaxPersonal Tax
Statistics published by HMRC show the estimated tax gap for the year 2020/21 is 5.1%, unchanged from the previous year and the second-lowest recorded. The annual report estimates any discrepancy between the total amount of tax owed and the total paid by the public...
Jun 24, 2022 | Business Tax
A study carried out for HMRC has shown smaller businesses believe Making Tax Digital doesn't apply to them. While businesses were aware of MTD for VAT by name, many still don't understand the process of the scheme and whether their business needs to comply. As part of...
Jun 16, 2022 | Business Tax
HMRC will be opening up the Making Tax Digital for income tax self assessment (MTD for ITSA) pilot to more taxpayers from 1 July 2022. The pilot is a test for the official rollout in April 2024, and invites self-employed individuals and landlords to register. Some...
Jun 9, 2022 | Business Tax
HMRC has confirmed it will be contacting businesses who have exceeded their lifetime allowance for entrepreneurs' relief, now known as business asset disposal relief. The letters will be sent to individuals whose tax returns for the year to 5 April 2020 show gains on...
Jun 6, 2022 | Business Tax
A large number of business people are unprepared and unenthusiastic about the switch to Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) in 2024, an HMRC survey shows. In response to the findings, the Chartered Institute of Taxation (CIOT) and the...
