NEWS

The number of estates that paid IHT on lifetime gifts has increased from 590 in 2011/12 to 1,300 in 2020/21, according to data obtained by Evelyn Partners in response to a freedom of information request, with the total paid more than doubling from...

HMRC have issued basic contact information, directing agents to its online services for various self-assessment or PAYE tasks and also the Agent Dedicated Line, asking agents not to use the helpline ‘to check progress or ask about tax and employment...

The August 2024 edition of HMRC’s Employer Bulletin includes the following highlights:default cash basis for unincorporated businesses: a reminder that the cash basis becomes the default method of accounting for 2024/25 (self-assessment tax returns...

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

Member states of the United Nations have approved the final draft terms of reference for a framework convention on international tax cooperation. 110 member states voted in favour, eight voted against and 44 abstained.The General Assembly will...

Data acquired under the Freedom of Information Act by accountancy firm Price Bailey reveals that HMRC’s Fraud Investigation Service amended 2,100 R&D tax relief claims in 2022 and 2023 using its powers to correct corporate tax returns under FA 1998...

The CIOT has submitted a paper to HMRC outlining their concerns about HMRCs February 2024 updated guidance on the salaried members rules, and urging HMRC to reconsider their position.HMRCs revised guidance suggests that the targeted...

HMRC have revised their guidance on the requirement for large businesses to publish a tax strategy, to clarify that the turnover and balance sheet test for UK companies, and the multinational enterprise (MNE) turnover test, are mutually exclusive....

HMRC have redesigned and published their IHT100 suite of forms which are used to report chargeable lifetime transfers by individuals and transfers by trusts.Previously, a reportable transfer would require an IHT100 form and a separate ‘event’ form...

HMRC have made further changes to their Pillar Two guidance, with new sections on common reporting obligation misconceptions and the transitional safe harbour rules. How to prepare for MTT and DTT has been updated to include the...