The leading economists have warned that the UK will likely face “substantial” tax rises in the coming years, as the government seeks to pay for the cost of its COVID-19 response and public services. Some top economists told parliament’s Treasury Select Committee on Tuesday that tax rises were likely, although they said increases would likely […]
Category Archives: Income Tax
Business News, Coronavirus News, Corporation Tax, HMRC News, Income Tax
Repayments of Corporation Tax: Updated Guidance
28
Aug
Aug
HMRC have issued an update to their guidance on repayments of corporation tax. They have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has concluded will be considered. Angela Clegg, technical manager in the ICAEW tax faculty, which had raised […]
Business News, HMRC News, Income Tax, Tax Investigation, VAT
UK Tax System: OTS recommended measures to simplify VAT
25
Jul
Jul
The Office of Tax Simplification (OTS) has outlined a range of measures intended to help simplify the UK tax system. The OTS stated that the UK tax has become ‘highly complex’, and has ‘not kept pace with changes in society’. As such, in its report, the OTS has recommended 23 measures intended to simplify VAT. […]
28
Jun
Jun
If someone wants to gift a house to his children, he needs to consider the following tax consequences regarding the gifted house. Capital Gain Tax (CGT): There will be a Capital Gains Tax (CGT) and the proceeds will be deemed to be the market value of the property at the date of the gift. […]
28
Jun
Jun
There are tough times where tough choices are being made by the businesses. Many directors have been deferring or waiving some or all of their remuneration. Few things to consider: You have to irretrievably give up your rights to the remuneration prior to the payment date. Employers must remember that the payment of a salary, […]
HMRC News, Income Tax, News, Our Blog, Payroll, Uncategorized
The New Chancellor guarantees a ‘soft approach’ in pushing IR35 tax reforms
01
Mar
Mar
The UK’s new Chancellor, Rishi Sunak, guarantees that HMRC will not be “heavy-handed” in pushing its IR35 tax reforms. According to HMRC “Customers will not have to pay penalties for errors relating to off-payroll in the first year, except in cases of deliberate non-compliance”. Sunak has offered reassurance to contractors that HMRC will ensure a […]
Missed the Tax Return Deadline? Don’t Panic Date: 25/02/2014 There are 10 million self-assessment taxpayers in the UK and most of them have submitted their returns on time i.e. on 31 January 2014. There are still over one million returns left to be filed. If yours is one of them, don’t panic. Although you might […]
Tax Return Deadline is Fast Approaching Date: 25/01/2014 Deadline to file your tax return is fast approaching- why wait till last minute to file your return and risk late filing fee or penalties. Penalties: 1: You will be charged a penalty, even if you do not owe any tax. 2: If you miss the filing […]
Universal Credit System and Income Tax Date: 01/01/2014 Universal Credit is a new system introduced by the government in order to ensure greater fairness to the welfare system. The early introduction of Universal Credit has begun in the Greater Manchester and Cheshire areas whereas it will be operational nationwide in October this year. Universal Credit […]