Tax

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Image for over 500000 businesses filed vat returns late

Tax | Over 500,000 businesses filed VAT returns late

A total of 519,120 VAT returns were filed late by businesses last year, up 13% from 459,190 the previous year, leaving many SMEs exposed to interest and penalties on their outstanding bills, warns UHY Hacker Young

9 Jun 2021

Tax

VAT

Tax Compliance

Image for g7 tax agreement needs avoid over complexity

Tax | G7 tax agreement needs to avoid over complexity

With G7 countries setting out provisional plans for a 15% global corporate tax rate, George Bull, tax consultant at RSM, considers the potential shortfalls and challenges of taking a global approach

9 Jun 2021

Tax

Business Tax

International Tax

Image for discovery assessments where are we now

Tax | Discovery assessments – where are we now?

Meg Wilson, tax writer at Croner-I, examines when HMRC can use discovery assessments, particularly in light of last month’s Supreme Court decision in R & C Commrs v Tooth [2021] BTC 15. It also highlights issues concerning discovery assessments that still require clarity

9 Jun 2021

Tax | Q&A: late P11Ds and penalties

In our regular Q&A series, Croner Taxwise adviser Vanessa Matthews, explains the penalty regime relating to the late submission of P11D forms for employee expenses and benefits

8 Jun 2021

Tax | HMRC website temporarily down due to Fastly server failure

The HMRC website has been hit by a major server failure by global cloud computing services provider Fastly, which has now affected a large number of websites, although the site came back online after more than an hour

8 Jun 2021

Tax

HMRC

Image for g7 tax agreement not real deal and far agreed

Tax | G7 tax agreement is not the ‘real deal’ and is far from agreed

The celebration behind the historic G7 global tax deal may not be completely justified, as there are a number of unanswered questions and ‘black holes’, says tax and advisory firm Blick Rothenberg

8 Jun 2021

Tax

International Tax

Image for government create merged workers rights watchdog

Tax | Government to create merged workers’ rights watchdog

The government has announced plans to merge three bodies into a new workers’ watchdog to take over responsibility for tackling modern slavery and enforcing the minimum wage, to protect the rights of UK workers

8 Jun 2021

Tax | Rules on three-year loss carry back rules clarified

The government proposes to introduce legislation in Finance Bill 2021 to provide a temporary extension to the loss carry back rules for trading losses of both corporate and unincorporated businesses

7 Jun 2021

Tax

Business Tax

Tax Compliance

Image for ots considers moving tax year end 31 december

Tax | OTS considers moving tax year end to 31 December

In a surprise move, the Office of Tax Simplification (OTS) has announced that it is reviewing the pros and cons of moving the current tax year end to 31 December or 31 March

7 Jun 2021

Tax

Tax Compliance

Image for g7 finance ministers agree 15 global tax agreement

Tax | G7 finance ministers agree 15% global tax agreement

The G7 has agreed to back an international agreement on global tax reform which would see multinationals pay a global minimum tax rate of at least 15% in each country they operate

7 Jun 2021

Tax

Business Tax

Politics

Image for first homes scheme offers 30 discounts underwritten government

Tax | First Homes scheme offers 30% discounts underwritten by government

Discounted homes for key workers and local residents will now be available as government launches First Homes scheme providing 30% discounts for first time buyers

4 Jun 2021

Tax

Property Tax

Image for fifth self employment income support grant available july

Tax | Fifth self employment income support grant available from July

HMRC has confirmed that a fifth self employment income support scheme (SEISS) will be available from the end of July covering the period May to September 2021 for those affected by the pandemic

4 Jun 2021

Tax | LITRG issues guidance for partnerships reporting SEISS grants

The Low Incomes Tax Reform Group (LITRG) has published guidance on how and where to include grants received under the Self-Employment Income Support Scheme (SEISS) on tax returns for partnerships

4 Jun 2021

Tax | Biomass producer wins case over disputed £150k VAT bill

The First Tier Tribunal has thrown out an HMRC claim for underpaid VAT in a case about a northern Ireland wood chip business

3 Jun 2021

Tax

VAT

Case Reports

Image for fourth seiss grant payouts total ps47bn

Tax | Fourth SEISS grant payouts total £4.7bn

As the pandemic continues to affect the self employed the latest HMRC figures show that a total of £4.7bn has been paid out in grants for the fourth self employment income support scheme (SEISS)

3 Jun 2021