The extension to 31 March 2023 of the period in which businesses can obtain full tax relief on a higher level of qualifying capital expenditure is good news for businesses whose annual capital spending exceeds £200,000, particularly if their profits are charged to income tax rather than corporati

At the Budget on 27 October, it was confirmed that reform of the basis period rules1 will go ahead from April 2024, with a transitional year from April 2023. Michael Steed, Co-chair of ATT’s Technical Steering Group, said:

If an employer bears the cost of an employee’s COVID-19 antigen test, HMRC’s view is that this results in a taxable benefit-in-kind equal to the cost of the test.

But the tax organisations say there is still much to be done to ensure that Making Tax Digital (MTD) delivers its purported benefits without adding significant costs and burdens for businesses and their advisers.1 They would urge HMRC to prepare and publish a detailed implementation ro

The ATT made the appeal in its response1 to an HMRC public consultation on reform of the basis period rules which is proposed to take effect from April 2022.

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

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.

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