With less than two months to go until the 31 January Self Assessment deadline, HM Revenue & Customs (HMRC) is calling on taxpayers to get their annual return right the first time around.
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Tax
Key Capital Gains Tax changes for Self-Assessment taxpayers to be aware of
HM Revenue & Customs (HMRC) is reminding self-assessment taxpayers of key Capital Gains Tax (CGT) changes that they need to be aware of before 31 January 2021.
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Government set to ban the sale of new petrol and diesel cars and vans from 2030
The Government is set to ban the sale of petrol and diesel cars and vans from 2030, with hybrid vehicles to follow in 2035.
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Government outlines new R&D tax relief PAYE cap
New draft legislation has been released by the Government that will look to introduce a PAYE cap on R&D tax credit claims. The cap was first announced in the 2018 Budget to prevent abuse of the R&D tax credit SME (small to medium-sized enterprise) scheme. Under the original proposal, the […]
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Temporary Annual Investment Allowance extended to January 2022
The temporary £1 million increase to the Annual Investment Allowance (AIA) has now been extended until 1 January 2022 to help businesses invest, the Government has announced. The increase to the AIA, which saw relief rise from £200,000 to £1 million for two years from 1 January 2019, was […]
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Official report recommends significant increases in Capital Gains Tax
The Office for Tax Simplification (OTS) has released a new report that recommends ministers consider bringing rates of Capital Gains Tax (CGT) in line with Income Tax or consider addressing ‘boundary issues’ between CGT and Income Tax. The extensive report, intended to simplify and improve the CGT system, also recommends: […]
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HMRC urges businesses to act ahead of end of transition period to “avoid disruption”
HM Revenue & Customs (HMRC) has written to over 250,000 VAT-registered businesses urging them to “act now” ahead of the end of the Brexit transition period.
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ICAEW “questions” pension tax relief proposals
The Institute of Chartered Accountants in England and Wales (ICAEW) has raised concerns over proposals to alter the level of tax relief on pensions contributions for low-earners, arguing that any changes could burden businesses.
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HMRC receives almost 55,000 tax relief claims for working from home
HM Revenue & Customs (HMRC) has received 54,800 tax relief claims from individuals for working from home using a new online portal.
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Self-Assessment: HMRC announces new ‘enhanced payment plans’ for self-employed
From 1 October 2020, individuals who complete Self-Assessment tax returns will now be able to divide their tax bill into monthly instalments, without speaking to an HM Revenue and Customs (HMRC) adviser first.
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