Tax

Latest news

Image for qa furnished holiday let tax benefits

Tax | Q&A: Furnished Holiday Let tax benefits

In our regular Q&A series, Croner Taxwise, tax adviser, Patrick O'Brian covers the specific conditions that need to be met for a Furnished Holiday Let (FHL) to qualify for tax benefits

24 Nov 2020

Tax | HMRC reshapes top team

HMRC has announced two senior appointments, including Dame Jayne-Anne Gadhia as the new chair of the HMRC board, and the head of a newly created business transformation group

23 Nov 2020

Tax | SME R&D tax relief cap set at £20K plus employment costs

As part of its recent set of tax policy announcements, the government has confirmed changes to the R&D tax credit regime for SMEs designed to reduce fraud and abuse

20 Nov 2020

Tax | HMRC urged to clarify festive fun tax reliefs

The Association of Taxation Technicians (ATT) is calling for urgent guidance from HMRC to avoid people enduring an unpleasant tax hangover because of their ‘virtual’ Christmas parties this year, as traditional face-to-face events are put on hold because of Covid

20 Nov 2020

Tax | Local authorities step up legal action over unpaid business rates

Property consultancy Colliers note rise in legal actions against businesses struggling to pay rate bills, as over 183,000 businesses ask for a reassessment of their rates due to the pandemic

19 Nov 2020

Tax | Legislation to tackle construction industry scheme abuse

The government is introducing legislation making four changes to the Construction Industry Scheme (CIS) rules in a bid to tackle abuse and strengthen HMRC’s powers to act, which are set to impact contractors, of whom around 250,000 are registered for the CIS

19 Nov 2020

Tax | Compensation payments hit by retrospective VAT change

Following court rulings in the UK and Europe, payments made for the early termination of contracts are now liable to VAT, but HMRC is now looking back over past transactions, warns Irwin Mitchell’s Sarah Cardew

18 Nov 2020

Tax | Coronavirus: essential updates for accountants, tax advisers and auditors - Part 2

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

17 Nov 2020

Leadership & Management

Image for plans professional indemnity insurance tax advisers

Tax | Plans for professional indemnity insurance for tax advisers

The government is to consult on plans to make professional indemnity insurance compulsory for tax advisers in an effort to raise standards in the tax advice market

17 Nov 2020

Tax | Q&A: Christmas party tax exemption

In our regular Q&A series, Croner Taxwise, payroll adviser, Samantha O'Sullivan explains whether businesses are able to utilise the £150 exemption at another point in the year, with office Christmas parties looking doubtful with coronavirus restrictions

17 Nov 2020

Tax | Making Tax Digital for corporation tax by 2026

Among the recent crop of tax policy announcements, HMRC is consulting on how the principles established for Making Tax Digital for quarterly online filing could be implemented for corporation tax

16 Nov 2020

Tax | Tax and the farmer: natural capital, biodiversity and rewilding

Accounting and tax treatment of eco-projects, biodiversity net gain income streams and new subsidies will be essential for all areas of farm tax and succession planning

13 Nov 2020

Tax | Remote worker tax to help lower-paid employees

The government should consider introducing a 5% tax on those who continue working from home (WFH) after the pandemic ends, with the potential to raise an additional £6.9bn in revenue to be targeted at lower-paid workers, according to analysis from Deutsche Bank (DB)

12 Nov 2020

Tax | OTS spearheads call for CGT overhaul

The Office of Tax Simplification (OTS) is recommending aligning capital gains tax (CGT) rates with income tax and sharply reducing the annual exempt amount in order to increase tax revenues and create a more equitable tax regime

12 Nov 2020

Tax | HMRC whistleblower payments up 63%

HMRC’s payments to whistleblowers reporting tax evasion have ballooned 63% in the past year to hit £473,000, but remain very modest compared to the US approach to wrongdoing, according to analysis of the tax department’s annual report by BDO

11 Nov 2020

Tax

HMRC

Tax Compliance

Image for icas proposes three month waiver late filing penalties

Tax | ICAS proposes three-month waiver for late filing penalties

ICAS has written to HMRC seeking a three-month waiver of the penalties for failure to meet tax filing deadlines, highlighting the impact of Covid-19 disruption on firms and their clients

11 Nov 2020