The government has set out how they are planning to reform the penalties for late submission and late payments, making them ‘fairer and more consistent across taxes’. The changes will apply to VAT and Income Tax Self Assessment (ITSA). When the changes come into place, they will see interest charges and repayment interest for...Continue Reading
The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to abolish all VAT exemptions and remove all VAT options, following their consultation on simplifying the rules relating to land and property. They say that VAT rules regarding land and property are ‘unnecessarily complex’ and would benefit from ‘significant simplification’. The Institute...Continue Reading
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year, in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic. MTD for ITSA will now be introduced in the tax year beginning in April 2024, a...Continue Reading
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