15% global minimum tax – Rules published by OECD The OECD has published detailed rules to assist in the implementation of reform to the international tax system, which will see multinationals will be subject to a minimum 15% tax rate from 2023 The Pillar Two model rules provide governments a precise template for taking forward…
Crackdown on directors who dissolve companies to evade debts The Insolvency Service has been given more powers to tackle rogue directors who dissolve their companies and avoid paying liabilities to staff, creditors and the taxpayer. Under new rules directors that try to dissolve their companies to avoid debts can now be disqualified from being…
Bank base rate increased to 0.25% (First increase in 3 years) The Bank of England has raised the bank base rate for the first time in three years to 0.25%, despite concerns over omicron variant At its meeting ending on 15 December 2021, the Monetary Policy Committee (MPC) voted by a majority of 8-1…
11.7 million jobs supported by Furlough scheme The latest figures on use of the Coronavirus Job Retention Scheme show that 11.7m jobs were supported by furlough throughout the pandemic, highlighting the risk of HMRC investigations Since the start of the scheme in March 2020 a total of 11.7m jobs have been supported by the CJRS…
Covid grants to be included in tax returns HMRC is reminding self assessment customers to declare any Covid-19 grant payments on their 2020/21 tax return, including SEISS claims which are taxable More than 2.7 million customers claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2021. These grants are taxable…
EU custom changes from January 2022 Some of the temporary customs and VAT easements introduced on 1 January 2021 for goods moving between Great Britain and the EU will be removed on 1 January 2022 Businesses trading with the EU have less than three weeks to get ready for new import and exports customs controls…
Fraudulent Covid loans of £4.9bn The government’s measures to prevent fraud in its bounce back loan scheme (BBL) have been labelled inadequate by National Audit Office (NAO) and were introduced too late. A report by the government’s spending watchdog estimated that £4.9bn of the £47bn that was given out as part of the Covid-19…
VAT update December 2021 Table of Contents Sports supplies Scraps of useful insight can sometimes emerge from tribunal cases, and an example in the field of sport is the First Tier Tribunal decision in Cambridge University Boathouse Limited (TC08304). The case relates to the principle that (subject to other conditions) a supply of sporting services to…
Autumn 2021 Budget Table of Contents https://www.youtube.com/watch?v=sAi1c_dLu9Q Autumn Budget 2021 : Overview Rishi Sunak delivered his third Budget as Chancellor to the Commons earlier today where he announced a series of measures for business across reforms, rates and incentives, while also reducing the universal credit taper. The publication of a long-awaited review of business rates…
Weekly update 1 October 2021 Welcome to the latest edition of our weekly update. Autumn Budget Chancellor Rishi Sunak will have a little room for manoeuvre in this month budget and spending review to achieve his stated objective of a balance budget according to IFS. IFS: Chancellor may lower spending plans in the Autumn Budget…
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…
Tax filing deadline: October to December 2021 In our handy guide to tax filing deadlines, we provide an at-a-glance guide to key dates from the deadline for notifying chargeability for income tax and capital gains tax to final claims for coronavirus job retention scheme. 1 October Corporation tax payment for…
