Tax

MTD

HMRC: Making Tax Digital to be extended to all VAT-registered businesses from 2022

Aug 06, 2020

HM Revenue & Customs (HMRC) has confirmed that Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022. The change forms part of the Government’s digital tax drive, which will eventually see all kinds of tax reported ...

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Chancellor considers online sales tax for e-commerce retail sector

Jul 28, 2020

The Chancellor, Rishi Sunak, is considering the introduction of a new sales tax for the online retail sector in a bid to help the struggling high street compete with the e-commerce sector. The Treasury published a call for evidence last week, ...

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Self Employed

Self-assessment taxpayers can “automatically defer payments on account”, HMRC confirms

Jul 20, 2020

Self-employed taxpayers due to make a payment on account can automatically defer the payment until 31 January 2021, it has been confirmed. The second Self Assessment payment on account for the tax year 2019/20 is usually due at the end of ...

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Tax

“Tax gap” falls to lowest level on record

Jul 14, 2020

The “tax gap” – the difference between what should be paid and what is actually paid – has fallen to its lowest recorded rate, new figures have revealed. HM Revenue & Customs (HMRC) said the record is a collaborative result of ...

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Stamp duty

COVID-19: Government set to introduce Stamp Duty holiday

Jul 07, 2020

The Chancellor, Rishi Sunak, is set to announce the introduction of a Stamp Duty holiday in his summer statement on Wednesday 8 July 2020. Several financial measures are expected to be announced in the summer statement as the Government looks to ...

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COVID-19: The impact on company car benefit in kind

May 06, 2020

Due to the coronavirus pandemic, many people in the UK are now working from home or have been placed on furlough leave, meaning that they are not using their employer-provided company car. But what is the impact on the benefit ...

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IR35 07.02

IR35: House of Lords committee calls for reform of off-payroll working rules

Apr 30, 2020

A House of Lords committee report that is reviewing the planned changes to the IR35 off-payroll working rules has called for a reform of the rules, stating that there are ‘inherent flaws’ in the legislation. IR35 was intended to be introduced ...

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VAT

Businesses who defer VAT payments should continue to file returns as usual, says HMRC

Apr 28, 2020

Businesses who have deferred VAT payments until the end of June 2020 should continue to file Making Tax Digital (MTD) returns as normal, the regulator has confirmed. The guidance comes after the Government announced that all businesses severely affected by Covid-19 ...

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Business Rates

Retail, hospitality and leisure firms set for £10 billion business rates savings

Apr 24, 2020

Businesses in the retail, hospitality and leisure sector are expected to save around £10 billion this tax year through business rates relief, official figures have revealed. The new statistics come after the Government launched its comprehensive business rates relief package for ...

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IHT

COVID-19 – HMRC relax inheritance tax process

Apr 17, 2020

HM Revenue & Customs (HMRC) has announced changes to the inheritance tax (IHT) process to ensure minimal disruption because of the coronavirus pandemic. The changes come as a result of the current lockdown measures and aim to ensure that the IHT ...

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