Tax, regulatory and professional updates for the accounting community.
HMRC's July 2026 Business Income Manual amendments cast doubt on interest deductibility for borrowing used to fund capital withdrawals, marking a significant departure from longstanding guidance.
Read more »HMRC is reviewing its Benchmark Scale Rates and Overseas Scale Rates, flat-rate allowances for employee expense reimbursement. This review signals potential changes to how accountants advise clients on travel and subsistence claims.
Read more »HMRC has introduced new digital channels for submitting option-to-tax notifications and revocations, replacing paper-based processes. The consultation closes on 18 August 2026, with implementation before year-end.
Read more »The government has confirmed a mandatory e-invoicing regime from 2029 using the Peppol framework for VAT invoices in business-to-business and government transactions.
Read more »The Upper Tribunal has held that construction of an accommodation wing at a secure inpatient mental health facility was not eligible for VAT zero-rating in NHS Ayrshire & Arran Health Board v HMRC, with significant implications for healthcare providers.
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