Draft legislation for the Finance Bill 2023-24, published yesterday,1 confirmed that the Government has deferred the decision on whether to merge the two current research and development (R&D) tax relief schemes, one for small and medium sized entities (S

The Woodland and Peatland Carbon Codes allow landowners and tenants to generate “carbon credits”1 by reducing or removing emissions of carbon dioxide and other greenhouse gases, such as by planting trees or restoring peatland.

The cash basis allows self-employed people to calculate their profits and therefore their income tax based on when income is received or payments made, rather than the traditional accruals basis accounting method, which records income and expenses when they are invoiced

From April 2024, sole traders and partnerships must pay income tax on the profits made in the tax year, rather than the profits from their accounting period ending in the tax year.1

Senior representatives from the Association of Taxation Technicians (ATT), Chartered Institute of Taxation (CIOT), Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS) and the CIOT’s Low Incomes Tax Reform Group (LITRG) made the ca

The Government has today launched a consultation1 on a range of measures designed to protect UK manufacturers from being undercut by countries with softer environmental rules, including a carbon border adjustment mechanism (CBAM), which would effectively impose a charge on some imports

Chocolate flavoured powders attract zero VAT while strawberry or banana flavoured varieties are subject to the standard rate of 20 per cent. Similarly, savoury popcorn is standard rated, unless it’s microwave corn “sold for popping”, which is VAT zero-rated.

In today’s Finance Bill1, the Government confirmed it is bringing forward a requirement to provide additional detail in claim applications, which will now apply to all claims for R&D relief submitted from 1 August 2023, rather than claims in respect of ac

The Government confirmed in November’s Autumn Statement that the level of the Annual Investment Allowance, which allows businesses to deduct the full value of a qualifying item from their profits before paying tax, will be permanently increased to £1,000,000 from 1 Apri

The Lords Economics Affairs Finance Bill Sub-Committee, which is chaired by chartered tax adviser Lord Leigh of Hurley, focused on proposed changes to the reliefs and took evidence from a range of witnesses including representatives of ATT.