Jul 13, 2023 | Business Tax
The Chartered Institute of Taxation (CIOT) is warning that HMRC's efforts to tackle abuse of the R&D tax relief system are resulting in them rejecting legitimate claims and stone-walling others. In a letter to HMRC, the CIOT wrote that the ‘volume compliance'...
Jul 10, 2023 | Business Tax
A new system for duties on alcoholic drinks is due to come into effect next month, with new rates applying from 1 August 2023. Currently, beer and spirits are taxed based on their alcoholic strength which is measured by alcohol by volume (ABV), while the other types...
Jul 6, 2023 | Business Tax
The Chartered Institute of Taxation (CIOT) has warned that HMRC's approach to tackling research and development (R&D) fraud deters legitimate claims. While CIOT acknowledged that abuse of R&D relief is a "substantial problem", the professional body shared...
Jun 28, 2023 | Business Tax
UK businesses need tax incentives to support sustainability reporting standards and hit net zero targets, according to the Institute of Chartered Accountants of Scotland (ICAS). In a survey of 581 business leaders across the UK, the ICAS found that around half (49%)...
Jun 26, 2023 | Business TaxGovernment AnnouncementsPersonal Tax
The UK tax gap hit £36 billion in 2021/22 out of a total expected tax take of £739bn, according to the latest HMRC figures. The tax gap is the difference between what HMRC expected in tax receipts and what it actually received, with the £36bn ‘missing' payments...
