The Low Incomes Tax Reform Group (LITRG) is urging HMRC to speed up the implementation of the new self assessment penalty regime after expressing concern that delays will leave some taxpayers, including those on low incomes, paying over a thousand pounds more for delays in filing their tax return ...
We are pleased to publish our latest position paper, on self assessment late filing penalties.
If you have a loan charge bill that you can’t afford to pay in one go, you may immediately think of asking HMRC if you can spread the payments over a period of time. The most common way to do this is through a Time to Pay arrangement. This is an agreement made with HMRC’s Debt Management section. ...
The OECD Reporting Rules for Digital Platforms started in the UK on 1 January 2024. These rules mean that digital platforms may need to collect and verify information about sellers of goods and services. They may also need to report this information to HMRC by 31 January for the previous calendar ...
The Low Incomes Tax Reform Group (LITRG) has welcomed HMRC’s new evidence requirement for claims for tax relief on employment expenses. LITRG hopes that this will make it harder for unscrupulous tax refund companies to take advantage of low-income taxpayers.
The change to the new ‘tax year’ basis (also known as basis period reform (BPR)) from the 2024/25 tax year onwards means that 2023/24 is a transitional tax year as we move to the new rules. This means the 2023/24 tax return will be more complicated than usual for affected sole traders and partners ...