HMRC to probe Pandora papers

HMRC to probe Pandora papers

HMRC to probe “Pandora papers” Chancellor Rishi Sunak has announced that HMRC will examine the 12m documents in the ‘Pandora Papers’ for evidence of tax avoidance in the UK.   In response to the release of the ‘Pandora Papers’ which revealed nearly 12m documents of offshore deals, investments, and other financial dealings of 35 current…

Weekly update

Weekly update 1 October 2021

Weekly update 1 October 2021 Welcome to the latest edition of our weekly update. MTD Updates The government has delayed the introduction of making tax digital for income tax self-assessment to the 06 April 2024. Businesses get more time to prepare for digital tax changes. This will give individuals and businesses more time to prepare…

Is wealth tax on the horizon?

Is wealth tax on the horizon

Is wealth tax on the horizon Table of Contents Wealth tax overview The introduction of a wealth tax could raise a staggering £260bn if a threshold of £500,000 was selected, but valuing assets could be challenging. Speaking at the Chartered Institute of Taxation (CIOT) and Institute for Fiscal Studies (IFS) debate on the wealth tax…

Covid support measures come to an end

Covid support measures come to an end

Covid support measures come to an end As the furlough scheme, temporary reduced VAT rates, and paused winding up scheme all come to an end, nearly seven in 10 employers expect to make redundancies within the next year. According to a study from Renovo, 69% of employers anticipate job losses, with 46% of organisations expecting…

Extended loss carry back rules

Extended loss carry back rules explained

Extended loss carry back rules Table of Contents Extended loss carry back rules: Overview As part of a range of measures to support businesses post-covid, the extended loss carry back rules provide a temporary tax break for businesses. Finance Act 2021 detailed new rules around taxation for companies providing for a temporary extension to the…

Businesses pay back £1.3 billion of furlough

Businesses pay back £1.3 billion of furlough

Businesses pay back £1.3 billion of furlough Businesses have paid back £1.3bn worth of furlough cash with £300m returned in the last three months alone official statistics reveal.    The figures released today show the businesses that have overclaimed or decided they no longer need payments received through the coronavirus job retention scheme (CJRS) have…

HMRC debt and enforcement

HMRC debt and enforcement

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.   As lockdown measures have relaxed, HMRC has restarted debt collection activities with taxpayers. It will initially focus on…