Newsletter...
Enews - May 2024
In this month’s Enews, we look at the HMRC’s pilot for MTD for Income Tax and the impact of IR35 reforms on contractors. We also examine criticism of R&D tax reliefs and take a look at a new online service for voluntary National Insurance contributions (NICs). With news on the UK’s borrowing figures and the latest HMRC guidance for employers, there is a lot to update you on.
- MTD for Income Tax pilot now live
HMRC's pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is now live. Accountants, agents and individuals are able to sign up to the pilot and test the programme out. The pilot aims to assess the MTD for ITSA reporting environment, with an initial focus on those who are self-employed and landlords with annual income exceeding £50,000......read more - IR35 reforms taking their toll on skilled contractors
One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE). IPSE's survey of more than 1,300 contractors in highly skilled roles found that 21% are not currently working......read more - Government urged to implement reforms to R&D tax system
The government is being urged to implement reforms to the Research and Development (R&D) tax relief system in order to avoid hurting small companies by the Suffolk Chamber of Commerce. A report released by the Chamber found that recent changes by HMRC and a 'wild west' regulatory system in regard to who can act as R&D tax advisers are......read more - HMRC clarifies tax rules for WFH commuting
HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home. The tax authority is responding to the growth of flexible or hybrid basis working contracts, particularly since the Covid-19 pandemic.......read more - HMRC launches online voluntary NICs payment service
HMRC has launched a new online voluntary NICs payment service. The government says the new service will make it easier for customers to check for and fill any gaps in their National Insurance record to help increase their State Pension. It also said that the new Check your State Pension service has been enhanced to include an end-to-end digital solution......read more - UK borrowing reduces Chancellor’s wiggle room
Higher than expected government borrowing has reduced the Chancellor’s ‘wiggle room’ at a pre-election Budget. Government borrowing - the difference between spending and tax income - was £120.7 billion in the year to March, according to the latest figures from the Office for National Statistics (ONS)......read more - More than seven million adults still struggling to pay bills, finds FCA
Around 7.4 million people in the UK struggled to pay a bill or a credit repayment in January, according to the Financial Conduct Authority (FCA). The figure is lower than last year but is still significantly higher than before the cost-of-living crisis began. According to the FCA, in January 2023......read more - Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin. The March issue has information on various topics, including......read more
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