Tax | Tips for completing tax returns

Although the self assessment deadline is not until 31 January, there continues to be an increase of taxpayers choosing tax returns over turkey by using the festive period to submit their tax returns online

20 Dec 2021

Tax

Personal Tax

Tax Compliance

Tax | Tax treatment of hedging instruments under review

The government is consulting on a draft statutory instrument to extend the scope of existing regulations to align the tax treatment of hedging instruments and hedged items

17 Dec 2021

Tax

Business Tax

Consultations

Tax | Committee criticises plans for basis period reform

The House of Lords Economic Affairs Finance Bill Sub-Committee has accused the government of failing to make an adequate case for its proposed basis period reforms to the tax system

16 Dec 2021

Tax

Making Tax Digital

Business Tax

HMRC

Tax | Cultural tax reliefs for museums found wanting

The latest cultural tax relief increase offers limited benefit for larger museum and gallery exhibitions, explains Naziar Hashemi, national head of social purpose and non profits, Crowe

16 Dec 2021

Tax

Business Tax

Tax Compliance

Tax Planning

Tax | Furlough scheme supported 11.7m jobs but mistakes will be costly

The latest figures on use of the Coronavirus Job Retention Scheme show that 11.7m jobs were supported by furlough throughout the pandemic, highlighting the risk of HMRC investigations

16 Dec 2021

Tax

Employment Tax

Tax Compliance

Business

Companies

Tax | Electric vehicle grants cut to £1.5k for lower priced cars only

The government has changed the grant scheme for zero-emission vehicles to remove more expensive models from the list, and pushing lower price electric cars as grant is cut by 40%

16 Dec 2021

Tax

Personal Tax

Tax Planning

Tax | VAT receipts down £28bn in 2020 tax year

HMRC has reported that VAT receipts have decreased by 22% from around £128bn last year to £100bn in the tax year ending 2021

15 Dec 2021

Tax

VAT

HMRC

Tax | Atos signs five-year HMRC contract to support digital plans

HMRC has signed a new five-year contract with IT provider Atos, extending a long standing 10-year relationship with the company, to improve digital service delivery

15 Dec 2021

Tax

HMRC

Tax | Covid-19 grants must be included on tax returns

HMRC is reminding self assessment customers to declare any Covid-19 grant payments on their 2020/21 tax return, including SEISS claims which are taxable 

15 Dec 2021

Tax

Business Tax

Personal Tax

Tax Compliance

Tax | HMRC’s CEST IR35 tool firmly defended at committee hearing

The Treasury’s financial secretary Lucy Frazer defended HMRC’s IR35 CEST tool at a Lords committee hearing although she did admit that HMRC’s 2017 IR35 rules had been a ‘little rushed’

15 Dec 2021

Tax

Employment Tax

HMRC

Tax | Northern Ireland’s tax powers should be devolved

The Independent Fiscal Commission of Northern Ireland is calling for devolution of some Northern Irish taxes to bring it in line with Scotland and Wales 

14 Dec 2021

Tax

Business Tax

Personal Tax

Tax | Q&A: recovery of inheritance tax – time limits

In our regular Q&A series, Croner Taxwise trainee tax adviser Alexander McCarthy considers whether inheritance tax is payable on an asset missed out of the original return and any penalty implications

14 Dec 2021

Tax

Personal Tax

Tax Compliance

Tax | HMRC clarifies penalty regime for soft drinks levy

Following the introduction of the soft drinks levy, HMRC has clarified the penalty regime for non-payment of the sugar tax, first introduced in 2018

14 Dec 2021

Tax

Business Tax

HMRC

Tax Compliance

Tax | Accountants spend seven days to make clients MTD compliant

As the new Making Tax Digital (MTD) for VAT deadline approaches for over a million small businesses, research from Intuit QuickBooks finds that accountants and bookkeepers are investing a significant amount of time getting clients compliant

14 Dec 2021

Tax

Making Tax Digital

VAT

Tax | Inheritance tax and residence nil rate band

With the residence nil rate band (RNRB) to remain fixed until April 2026, now is the time for clients to review their existing wills and consider inheritance tax (IHT) opportunities to take advantage of this valuable exemption, says Flora Nelmes, associate, Hunters Law

13 Dec 2021

Tax

Personal Tax

Tax Planning