Existing rules allow employers to spend up to £150 per head (including VAT) on an annual function, or functions, such as a Christmas party without creating a tax liability for their employees and themselves – provided that certain conditions are met.1 Last year, HMRC helpfully confirme

This confirmation comes in the response published yesterday (30 November) to an earlier 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.1

When the pandemic hit last year, in addition to managing the major new support measures such as the Coronavirus Job Retention Scheme (CJRS), employers found themselves having to consider the tax implications of a number of additional expenses.

Since April 2020, UK tax residents who dispose (sell or gift) UK residential property and make a capital gain have been required to calculate, report and pay their tax within 30 days of completion of the sale.

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).