Tax

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Image for lords launches probe changes income tax basis

Tax | Lords launches probe into changes to income tax basis

The House of Lords Finance Bill Committee is planning to investigate the income tax basis period reform and uncertain tax treatment and has launched a consultation

17 Sep 2021

Tax

Making Tax Digital

Business Tax

Image for reshuffle sees jesse norman lose treasury job

Tax | Reshuffle sees Jesse Norman lose Treasury job

As part of the prime minister’s cabinet reshuffle a number of senior Treasury ministers have been replaced, while the Chancellor remains unaffected

17 Sep 2021

Tax

Politics

Image for taxpayer loses case over ps430k penalty notice

Tax | Taxpayer loses case over £430k penalty notice

The court has dismissed an appeal against a £434,318.73 penalty notice which was given to a sole director due to deliberate inaccuracies in the company’s tax return

16 Sep 2021

Tax

Business Tax

Case Reports

Image for government urged delay basis period reforms

Tax | Government urged to delay basis period reforms

There has been strong pushback on government plans to introduce basis period tax reporting with the main professional institutes calling for a delay, explains Stephen Relf CTA ACA, senior tax writer at Croner-i

16 Sep 2021

Tax

HMRC

Consultations

Image for uncollected taxes hit ps35bn topped vat non payment

Tax | Uncollected taxes hit £35bn topped by VAT non-payment

The tax gap is estimated to be £35bn, which is 5.3%, up from £33bn in 2018-19, when it stood at 5%, based on £674bn in total tax collected for the year, with VAT the worst offender

16 Sep 2021

Tax

HMRC

Tax Compliance

Image for changing tax year end date costly logical says ots

Tax | Changing tax year end date costly but logical, says OTS

The Office of Tax Simplification (OTS) has published analysis of the potential benefits, costs and implications of a change to the tax year

16 Sep 2021

Tax | Agent authorisations when firms merge need client sign-off

HMRC has set out the process for accountancy practices to move clients between firms in the event of a merger or buyout, stressing that client approval is required before tax data can be accessed

16 Sep 2021

Tax | 320k businesses to pay even more with social care levy

320,000 businesses face an even higher National Insurance contribution rate with the new Health and Social Care Levy according to a paper published by the House of Commons Library

15 Sep 2021

Tax

Business Tax

Personal Tax

Image for audit scotland warning long term covid costs

Tax | Audit Scotland warning on long-term covid costs

Scotland spent an estimated £8.6bn on Covid-19 support and grants in 2020/21 in response to the pandemic but needs to manage finances carefully going forward

15 Sep 2021

Tax | Court dismisses £3.5m Toys R Us VAT claim

The court has dismissed an appeal against a refusal by HMRC to pay a £3.5m repayment supplement where the right to a VAT credit was assigned to a third party involving former Toys R Us shops

15 Sep 2021

Tax

VAT

Case Reports

Image for motoring expenses part 1 recovering vat car purchases

Tax | Motoring expenses part 1 – recovering VAT on car purchases

Company car purchases fall under specific VAT rules which determine whether the liability can be reclaimed and strict business use only limits. Sarah Kay, technical writer, Croner-i explains the rules

15 Sep 2021

Tax | HMRC loses half of disputes with taxpayers

Over the last two years, out of the 32,675 tax claims that had been queried by taxpayers almost half, 16,120, of the claims were dropped altogether by HMRC

14 Sep 2021

Tax | HMRC debt and enforcement

HMRC is ramping up action against tax defaulters while the end of the winding up ban at the end of September will be a shock for some businesses protected by pandemic measures, warns Sushil Patel, director, restructuring advisory, Kroll

14 Sep 2021

Tax

HMRC

Tax Compliance