NEWS

HMRC estimate 5.5bn was lost due to tax evasion in 2022/23, 81% of which was from small businesses, up from 66% in 2019/20.According to HMRC, while the overall level of tax evasion has stabilised in recent years, it has increased among...

Reforms to IHT, CGT and NICs could raise over £20bn a year, and still pass a ‘triple tax test’ of improving tax efficiency and not break manifesto commitments, according to new research published by Resolution Foundation.The Chancellor has inherited...

The amount invested in SEIS funds was 2.9 times higher than in the same period last year with the number of investors having trebled, according to non-advisory investment broker, Wealth Club. They account for the rise in SEIS flows in fears of...

The Institute of Chartered Accountants of Scotland (ICAS) has called on the Scottish government to take a long-term approach to its financial planning, adopt tax simplicity and standardise access to apprenticeships across the UK and urged the...

The government issued an updated remit for the Low Pay Commission (LPC) outlining areas to consider when recommending the National Minimum Wage and National Living Wage. This replaced the remit issued under the previous government in March 2024.The...

In the updated guidance the disguised remuneration scheme phone number has been removed. Disguised remuneration scheme users should contact HMRC using the email address: CAGetHelpOutOfTaxAvoidance@hmrc.gov.uk.The Disguised remuneration settlement...

This roundup sets out the most important changes to HMRC manuals over the past week as curated by our editors.  

Leading trade body, Offshore Energies UK (OEUK) has published data to help inform decision making ahead of the Chancellor’s Autumn Statement in October on the potential impact of the government’s announced stronger Energy Profits Levy (EPL) on the UK...

The ‘Off-payroll working for clients’ guidance on the simplified test has been updated to confirm that the annual turnover of more than £10.2m test must be applied for the last calendar year and that this condition is determined on an annual basis....

The CIOT reports that HMRC have responded to a letter it sent, dated 19 December 2022, regarding HMRC’s position on remittances upon divorce after the First Tier Tribunal case of Sehgal and Meehan [2022] TC 8581. HMRC have confirmed the position it...