Welcome to the May 2026 Tax Update. In this issue we take a look at MTD for Income Tax going live, VAT with an interesting case of toasted marshmallows, Capital Allowances, CIS, SDLT and upcoming dates on the Accounting Horizon. MAKING TAX DIGITAL FOR INCOME TAX IS NOW LIVE Making…
Finance Bill 2023-24, which is currently making its way through Parliament, includes a clause that will change the Construction Industry Scheme (CIS) Gross Payment Status Tests from 6th April 2024. Having Gross Payment Status means that a subcontractor can receive gross payments from contractors, as opposed to payments that have…