Waiver of Estimated Tax Penalties for Farmers and Fishermen
The IRS issued Notice 2026-24 waiving estimated tax penalties under IRC § 6654 for qualifying farmers and fishermen for the 2025 taxable year. The waiver addresses delayed Form 8995 software updates—IRS corrected the form on January 27, 2026, but compliant software was unavailable until February 23, 2026. Qualifying taxpayers must file returns and pay full tax by March 2, 2026 (the extended deadline) to claim the penalty relief.
Tax relief updates for creative and audio-visual sectors
HMRC announced administrative changes to all creative industries tax reliefs effective 1 April 2026. The updates include modifications to correct anomalies and prevent abuse within the relief framework. An Equality Impact Assessment was completed to ensure the changes do not discriminate against protected characteristic groups.
Administrative Changes to Creative Industry Tax Reliefs
HMRC has issued an Equality Impact Assessment for administrative changes to UK creative industry tax reliefs. The audio-visual reliefs (Film, High End Television, Animation, Children's TV, Video Games) transitioned to Expenditure Credits from 1 January 2024, while cultural reliefs (Theatre, Orchestra, Museums & Galleries) changed from European to UK eligible expenditure from 1 April 2024. A new mandatory online Creatives Form must accompany CT600/CT600P claims. Productions starting after April 2025 must use the new model; existing productions may continue under current rules until 31 March 2027.
Vaping duty £2.20 per 10ml, how to pay
HMRC published guidance on 1 April 2026 explaining how to pay Vaping Products Duty, a new excise duty on vaping liquids. The flat rate is £2.20 per 10ml (22p per 1ml), applicable whether or not liquid contains nicotine. Manufacturers, importers, and warehousekeepers of vaping products in the UK must make monthly payments by the 15th of each month.
VAT Import One Stop Shop Scheme Intermediary Service Availability Issues
HMRC published guidance on the VAT Import One Stop Shop (IOSS) scheme for intermediary services, providing updates on service availability and known issues affecting the online portal. This informational guidance affects businesses involved in cross-border e-commerce imports to the UK and the EU. The page serves as a reference point for operational status and troubleshooting information.
Vaping Duty Stamps: Dimensions, Security and Purchase Requirements
HMRC published guidance on vaping duty stamps effective 1 April 2026, establishing physical and digital stamp requirements for vaping products sold in the UK. Stamps measure 18mm x 42mm and come in wet (coils of 20,000) and dry (boxes of 1,000+) formats. Only approved purchasing operators may buy stamps from the appointed supplier, with 3-month purchase limits set by HMRC.
Vaping Products Duty and Vaping Duty Stamps Force of Law Notice
HMRC published a force of law notice establishing the new Vaping Products Duty regime under Part 4 of the Finance Act 2026. The notice provides legal text for vaping duty stamp requirements and related regulations. Manufacturers and importers of vaping products must comply with these provisions effective 1 April 2026.
Application Withdrawal for Excise Warehousekeeper
HMRC published guidance explaining the process for withdrawing an application to be an excise warehousekeeper for alcohol, tobacco, and vaping products. Applicants may withdraw via the Government Gateway online portal or by post if unable to use digital services. HMRC aims to review withdrawal requests within 45 working days.
Most US States Underfund Highways with Road Tax Revenues
Tax Foundation released research analyzing state highway funding sources for FY 2023. Only Maryland (92.2%) and New Jersey fully cover highway spending through road use taxes, while the remaining 48 states and D.C. rely on general fund transfers. Alaska has the lowest coverage at 17.4%, followed by North Dakota at 26.8%. The analysis examines how gas tax revenues erode due to inflation and electric vehicle adoption.
2025 Original Issue Discount (OID) Treasury Tables
The IRS has released the 2025 Original Issue Discount (OID) Tables for Treasury Instruments, available as a ZIP file containing Section I-C (Inflation-Indexed Debt Instruments), Section II (Stripped Components of U.S. Treasury and Government-Sponsored Enterprises), and Section III-A (Short-Term Treasury Bills maturing January 2025 through December 2026). These annual tables are used to calculate OID accruals for tax reporting purposes.
Liberation Day Tariffs: President Trump Tariffs & Trade Policy
Liberation Day Tariffs: President Trump Tariffs & Trade Policy
Hybrid Writing Down Allowance Calculator
HMRC published guidance and a calculator on 1 April 2026 to help entities determine their hybrid writing down allowance rate when accounting periods span the rate change from 18% to 14%. The hybrid rate applies separately to Corporation Tax (effective 1 April 2026) and Income Tax (effective 6 April 2026).