News Archive

HMRC updates TRS manual in advance of 1 September deadline

HMRC has made several important updates to its trust registration service manual including adding new sections on penalties, data requests and discrepancy reporting. ICAEW’s Tax Faculty highlights the key changes.

Draft Finance Bill 2022-23: enactment of OECD rules into UK law

The draft legislation, announced on 20 July, includes the introduction of a top-up tax applicable to multinational business alongside changes to the UK transfer pricing documentation requirements.

European Commission to consult on regulatory framework for tax intermediaries

On 25 April 2022, the European Parliament's Permanent Subcommittee on Tax Matters held a hearing on regulation of the provision of tax advice across the European Union. During the hearing, the Commission announced that there will be a public consultation on the broader issue of regulating tax advisers.

Starker Anstieg des Rezessionsrisikos – IMK-Konjunkturampel schaltet auf „rot“

Die wirtschaftlichen Auswirkungen des russischen Angriffskriegs gegen die Ukraine, aber auch die Omikron-Welle in China, lassen die Rezessionswahrscheinlichkeit in Deutschland sehr stark ansteigen.

UK Delays Overhaul To Tax Non-Compliance Penalties

HM Revenue and Customs is reforming late-filing and payment penalties to make them fairer and more consistent across taxes. The first stage of these reforms was set to come into effect early this year. However, on January 13, 2022, HMRC postponed the effective dates by nine months to one year.

Tax implications of the UK’s new freeports explained

Eight new freeports offering significant tax incentives will start operating across England by the end of 2021. ICAEW’s Tax Faculty is hosting a free webinar for its members outlining the potential benefits and pitfalls for businesses.

Countries Discuss Post-Pandemic Tax Agenda At UN Council Meeting

HM Revenue and Customs has recently issued new guidance on the Stamp Duty Land Tax (SDLT) on non-resident buyers of residential property in England and Northern Ireland.

From April 1, 2021, different rates of Stamp Duty Land Tax (SDLT) will apply to those who purchase residential property in England and Northern Ireland if they are not resident in the UK.

The rates are two percentage…

The tax credit fix many can't afford to miss

Low-income families have long relied on tax refunds to catch up on bills, cover medical needs and pay down debt

EU Sizes Up Impact Of New UK Free Trade Deal

The European Union has released its Winter 2021 Economic Forecast, which says that Brexit will dent UK economic growth considerably, and more than for the European Union, despite the new free trade deal between the two parties.

HMRC waives penalty for late filing of self-assessments

HM Revenue & Customs (HMRC) has announced that it will waive fines for self-assessments that miss the 31 January deadline, as long as they are filed online by 28 February.

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