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HMRC postpones MTD for ITSA to 2024

The Government has delayed the introduction of Making Tax Digital for income tax self-assessment (MTD for ITSA) to 6 April 2024 to give individuals and businesses more time to prepare after the challenges they've faced during the pandemic.

Financial Secretary Lucy Frazer announced the delay to the House of Commons on 23 September 2021, adding that the Government remains committed to the...

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OTS publishes report on tax year end change

The Office for Tax Simplification (OTS) has published an analysis of the advantages and disadvantages of a change to the date of the end of the tax year for individuals.

The 70-page review considers the implications of moving the tax year to 31 December and 31 March.

Moving the end of the tax year to 31 March would help people understand the tax reporting process, and given how...

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Business rates threaten 4 out of 5 retailers with closure

A survey by the British Retail Consortium (BRC) suggests business rates are having a "devastating impact" on the retail sector, with 83% of retailers saying they are likely to close their store unless rates are reduced.

In its survey of "leading retailers", the BRC found 85% of retailers considered business rates an important issue when opening or closing stores, while 67% said...

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Lords committee launches probe into basis period reform

The House of Lords sub-committee for the Finance Bill is planning to investigate income tax basis period reform and has appealed for written submissions on the proposed changes.

In its inquiry into the draft Finance Bill 2021/22, the sub-committee is asking for written evidence from individuals and businesses that will be affected by the changes.

Arriving ahead of the Making Tax...

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Thousands overpay IHT on life insurance policies

Over 6,000 estates paid inheritance tax (IHT) on life insurance policies in 2018/19, according to HMRC figures, despite the fact many would have escaped a tax charge if they had written their policy into a trust.

Of the 22,100 estates that paid IHT, over a quarter of them (6,040) included life insurance policies, which are subject to IHT.

The life insurance policies were worth £...

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