News
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Contactless limit to increase to £100 from 15 October
Published by Michael Graves on Wed, 08/09/2021 - 8:49am -
CIOT warns over stamp duty refund claims
Published by Michael Graves on Wed, 08/09/2021 - 8:46am -
Digital marketplaces to report sellers' incomes from 2023
Published by Michael Graves on Tue, 07/09/2021 - 1:19pmHMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and Development (OECD).
In February 2020, the OECD consulted on proposed rules setting out how digital platforms should collect information about the income of sellers and report it to tax authorities.
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HMRC outlines changes to late payment penalty regime
Published by Michael Graves on Mon, 06/09/2021 - 12:00amHMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers.
The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent across taxes'. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).
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Increase in public trust in charities
Published by Michael Graves on Tue, 17/08/2021 - 8:44amPublic trust in charities has reached its highest level since 2014, according to research published by the Charity Commission.
An independent study showed that people's trust in charities scored an average of 6.4 out of 10, up from 6.2 a year ago and significantly higher than the low of 5.5 recorded in 2018. The highest figure to date is 6.7 out of 10, recorded in 2014.
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Pension scams average losses now over £50,000
Published by Michael Graves on Tue, 17/08/2021 - 8:42amAccording to the latest figures from Action Fraud the average loss from pension scams has reached £50,949 this year.
That is more than double the typical figure of £23, 689 reported last year.
Action Fraud said the losses in each case ranged from less than £1,000 to as much as £500,000, and the real figures could be higher as many scams go unreported.
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Data reveals 1.9 million workers remain on furlough
Published by Michael Graves on Tue, 17/08/2021 - 8:37amThe Coronavirus Job Retention Scheme (CJRS) is being wound down on 30 September 2021 and data published by HMRC has revealed that 1.9 million workers remain on furlough.
The data showed that the number of employees furloughed on the CJRS fell by 590,000 during June. The total number of furloughed workers is 1.9 million.
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HMRC updates Salary Sacrifice guidance
Published by Michael Graves on Tue, 17/08/2021 - 8:36amHMRC has updated the guidance on salary sacrifice.
HMRC has removed the guidance on 'Salary sacrifice arrangements set up before 6 April 2017' as the transitional arrangements for calculating the value of the benefit came to an end on 5 April 2021.
A salary sacrifice arrangement is an agreement to reduce an employee's entitlement to cash pay, usually in return for a non-cash benefit.
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ICAEW urges HMRC to scrap exemptions to simplify VAT rules
Published by Michael Graves on Tue, 17/08/2021 - 8:35am