Tax | Double tax risk for SEISS claimants, warns LITRG

Taxpayers need to ensure they allocate their self employment income support scheme (SEISS) payments in the correct box on self assessment tax returns to avoid double taxation

7 Jun 2022

Tax

Personal Tax

Tax Compliance

Business

Companies

Tax | Chancellor defends universal £400 grant towards energy bills

The Treasury is in talks with the electriticy generation sector to agree plans for a windfall tax on excessive profits and reform of the industry to reduce prices

6 Jun 2022

Tax

Politics

Tax | Landlords not aware of Making Tax Digital for income tax

Nearly 40% of respondents to the latest HMRC IPSOS research on Making Tax Digital said that it would be difficult to start reporting income tax on a quarterly basis when rules come into force in 2024

6 Jun 2022

Tax

Making Tax Digital

Business Tax

Personal Tax

Tax | 232k Scots face paying higher rate tax

Scottish tax take is set to rise by £715m from the current projection of £13.6bn to £14.3bn for tax year 2022-23, with more taxpayers pushed into higher rate tax

6 Jun 2022

Tax

Personal Tax

Tax Planning

Tax | HMRC sets out two-stage test to decide business activity

HMRC has clarified how it determines whether or not an activity is a business activity for VAT purposes, bringing in two-stage test

6 Jun 2022

Tax

VAT

HMRC

Tax Compliance

Tax | HMRC advisory fuel rates for company car users from 1 June 2022

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 June 2022, increasing rates between one and three pence per mile in light of soaring fuel prices at forecourts

6 Jun 2022

Tax

Employment Tax

Personal Tax

HMRC

Tax Compliance

Tax | Filing deadlines: June - September 2022

In our handy guide to tax filing deadlines, we provide an at-a-glance guide to key dates from deadline for Forms P46(Car), confirmation statements showing taxed benefits and corporation tax filing

1 Jun 2022

Tax

Tax Compliance

Tax Planning

Tax | Incorporation and profit extraction: tax tips

Croner-i experts examine whether tax motivated incorporation still has a place in light of tax changes coming in 2023 and look at tax efficient profit extraction for existing companies

1 Jun 2022

Tax

Business Tax

Personal Tax

Tax Compliance

Tax Planning

Tax | Till fraud clampdown to stop tax evasion

HMRC officers are using new powers to target till fraud carrying out spot checks on businesses which suppress takings to avoid tax

1 Jun 2022

Tax

HMRC

Tax Compliance

Tax | HMRC demands refunds of overpaid SEISS payments

HMRC is targeting self employed workers who overclaimed coronavirus grants during the pandemic, warns RSM

1 Jun 2022

Tax

Personal Tax

HMRC

Tax Compliance

Companies

Tax | VAT updates: June 2022

In this month’s VAT updates, Graham Elliott considers VAT grouping criteria in HSBC ruling, multiple claims under DIY Housebuilder Scheme and treatment of financial services

1 Jun 2022

Tax

VAT

Case Reports

Tax | Q&A: tax and finance costs restriction

In this week’s Q&A, Croner Taxwise tax advisor Alexandra Fielding explains the implications of creating a partnership to reduce tax liability on property ownership

31 May 2022

Tax

Tax Planning

Tax | Why the UK isn’t really losing £19.2bn a year to offshore tax abuse

The common reporting standard has given HMRC the ability to access the financial details of taxpayers stashing money offshore, helping to close the tax gap, explains Andrew Park, tax investigations partner at Andersen

31 May 2022

Tax

Personal Tax

International Tax

Tax Compliance

Tax | Global tax rate pushed back by a year

The OECD has confirmed that plans to introduce a global base corporate tax rate are being delayed by a year as the EU fails to reach agreement

30 May 2022

Tax

Business Tax

International Tax

Tax | R&D tax incentive claims – opportunities and risks

The research and development (R&D) tax incentives claims environment continues to evolve following relatively significant changes during 2021 and the first few months of 2022, explains Craig Flynn, VIP R&D consultant at Croner-i

30 May 2022

Tax

Business Tax

Tax Compliance

Tax Planning