Following the government's report on the review of the loan charge, HMRC has issued new guidance. What steps should you advise your clients to take if the charge applies? Loan charge review: After considerable campaigning the government caved in to pressure and ordered a review of the controversial loan charge. The outcome, published in December 2019, was a partial but significant success for those affected. The review is the end of the road for those who campaigned against the charge and action is now required. New guidance: HMRC published its guidance on the changes to the loan charge on 21 January 2020. This sets out the steps required because of the review. These vary depending on whethe
The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) have published guidance for accountants and auditors confirming that there will be no substantive changes during the transition period post Brexit The letters are targeted at accountants and auditors, and detail the various statutory instruments that have been introduced over the last two years to ensure that the UK legislative system is intact after Brexit day. The information is relevant for the transition period only, which is due to end on 31 December 2020. Communication on changes that come into effect after the end of the transition period to reflect the UK's future trading relation
A record £10.4m taxpayers filed their self assessment tax returns online by the 31st January deadline, but nearly a million returns are still outstanding. For the first time a total of £11.1m taxpayers filed by the 31st January deadline, including around 700,000 who filed on paper by the earlier October 2019 deadline. HMRC said that 958,296 taxpayers missed the deadline (8.18%), up on last year’s 700,000 late returns. An estimated £11.7m 2018/19 tax returns were due by the end of January. As usual, there was a surge of last minute submissions, as thousands of taxpayers filed their tax returns in the last hour with 26,562 completing their returns from 23:00 to 23:59 on deadline day. Throughou
