In a consultation document1 published today (Tuesday) alongside draft legislation, HMRC propose that from 6 April 2022, the profits of all unincorporated businesses should be assessed on the profits which they actually earn in any tax year to 5 April (or 31 March).

The ATT made the warning in its response to a government consultation on bringing payment under Income Tax Self-Assessment (ITSA), and Corporation Tax (CT) for small companies, closer to the point where the income or profit arises.

The call comes in the ATT’s response to an HMRC consultation on the tax administration framework. In this consultation, the Government seeks comments on the legislation which forms the tax administration framework as part of a longer term strategy to ‘build a trusted modern tax administratio

While the basic rule is that all UK express trusts (taxable and non-taxable) should be on the register, Schedule 3A to the enabling regulations (The Money Laundering and Terrorist Financing(Amendment) (EU Exit) Regulations 2020/991), sets out a number of exclusions for certain non-taxable trusts.

Richard Todd is the ATT‘s first new president for two years because the outgoing president Jeremy Coker had his term of office extended to help the ATT focus and succeed in managing the immediate impact of the COVID-19 pandemic on its work.

Following a report under the UK Property Reporting service, a UK resident individual may find that they have overpaid their CGT if, for example, their income is lower than expected, or because a capital loss on an asset other than UK residential property was realised after the completion of the r

"HMRC’s work has been at the centre of the government’s response to COVID-19. Whether that’s by administering the support schemes, changing our operational approach or through more than 80 other policy changes.

The ATT was responding to a recent Treasury consultation on R&D tax relief.1 This consultation sought views on the nature of private-sector R&D investment in the UK, how that is supported or otherwise impacted by the SME and large company R&D relief schemes, and what change

To support businesses during the COVID-19 crisis, a total of £33.5 billion of VAT payments1 due between 20 March 2020 and 30 June 2020 were deferred automatically by HMRC. 

"From 28 May, if employers want to make CJRS claims for 16 or more employees they can use our updated templates - making it easier to