This week, we combine some festive-themed elements with Artificial Intelligence (AI). On the more serious tax front, we take a look at the Scottish and Welsh budgets and have some top tips for various types of taxpayer.
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Scottish Deputy First Minister Shona Robison announced the draft Scottish Budget for 2024-25 on 19 December 2023. A new Income Tax Advanced Rate of 45% will be introduced, meaning that, for example, a person with dividend income alongside employment, self-employment or rental income, has up to ten Income Tax rates to consider.
As 2023 draws to a close, so too does the 2022-23 Self Assessment deadline. Our theme this week is ‘last minute tax returns’ and we feature a number of guides to help answer those last minute FAQs including our top tips of things to consider. HMRC has a new Employer Bulletin and has published its responses to its VAT energy-saving materials relief. We have news of further VAT 'nudge letters', and more letters to taxpayers identified by HMRC through the disclosures made in the 'Pandora Papers'.
Don't rely on 'AI' like ChatGPT to generate your legal argument! The decision in Felicity Harber's tax appeal, hot off the press today, illustrates how a large language model AI generated invented case law. The First Tier Tribunal (FTT) judge was not fooled, unlike the unfortunate taxpayer who lost her appeal.
This week we have more details from last week's Autumn Statement and we note that the latest Finance Bill has now been published covering the proposed changes. As this bill is well over three hundred pages long it might take us a minute to go through it all!
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