Digital marketplaces to report sellers' incomes from 2023

HMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and Development (OECD).

In…

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Making Tax Digital for Income Tax Self Assessment delayed for a year

The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year, HMRC recently announced.

The government says it has made the…

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HMRC issues warning on self assessment scams

HMRC has warned taxpayers completing their 2020/21 tax returns to 'be on their guard' and stay vigilant in regard to tax-related scams.

Nearly 800,000 tax scams were reported in the last…

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Self assessment taxpayers must declare COVID grants on tax returns

HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return.

According to HMRC, more than 2.7 million customers claimed at least one Self-employment…

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Government scheme gives discounts of up to £5,000 on accounting software

The government's Help to Grow: Digital scheme – designed to support smaller businesses in adopting digital technologies – is now open for applications.

Under the scheme, eligible businesses…

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Chancellor cuts fuel duty in Spring Statement

Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement.

The government says it is the largest ever cut on all fuel duty rates,…

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HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS…

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Number of firms in critical financial distress rises sharply

A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor.

Although COVID…

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IoD calls for extension of capital allowances super-deduction

The Institute of Directors (IoD) has called on the government to extend the capital allowances super-deduction.

Data published by the IoD found that the super-deduction has had 'a positive…

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