28 February 2022
There has been an introduction of a revised policy on the VAT treatment of early termination fees and compensation payments by HMRC by the publication of Revenue and Customs Brief 2 (2022). This will be taken into consideration from April 1, 2022. This would be used instead of the guidance…
Heirs of the creative industry tax reliefs may desire to submit fresh substantiation to HMRC to enable HMRC to smartly evaluate their claim. This extra substantiation can be handled within the company’s tax return or through an online form to assist the claim. Claims must be made within the tax…
HMRC suggests VAT-registered firms sign up for Making Tax Digital for VAT prior to 1 April 2022. Firms are asked to take steps to prepare for Making Tax Digital for VAT before it is declared compulsory for all VAT-registered firms from 1 April 2022. Making Tax Digital is designed to assist…
31 January 2022
Did you know you need to take an additional step when preparing a CIS payment and deduction statement? On the EPS, there is an extra field for CIS deductions, and companies must enter the COTAX reference number or CT UTR (Corporation Tax Unique Taxpayer Reference) to make claims for CIS…
The tax agents have been asked by HMRC to make their clients recall that tax has to be paid even for COVID–19 support grants or payments and declaration should be made on their company tax returns. These support grants or payments should be considered and noted as income while evaluating…
