Upcoming changes to late payment penalty regime
HMRC has published a paper outlining the changes to the late payment penalty regime for taxpayers. Initially the changes will apply to VAT and income tax self assessment (ITSA). The government intends to reform sanctions for late submission and late payments to make...
83% of businesses unaware of Plastic Packaging Tax
Resource management firm Veolia has revealed that 83% of businesses are not aware of the Plastic Packaging Tax, which is due to take effect from April 2022. The Plastic Packaging Tax is a new tax that will apply to plastic packaging manufactured in or imported into...
2022 to bring bigger tax bills for partners and sole traders
The Institute of Chartered Accountants in England and Wales (ICAEW) has predicted that following a government proposal to change the date certain businesses report their profits, sole traders and partners are likely to face bigger tax bills next year. The move would...
2 million workers remain on furlough scheme
With the Coronavirus Job Retention Scheme (CJRS) set to end 30 September 2021, HMRC has published data showing that two million workers remain on furlough. The data showed that the number of employees on the CJRS fell by 590,000 during June. The total number of...
Simplified tax reporting for self-employed and small firms announced
The government has announced changes to the tax system that will make it easier for small businesses to fill out their returns. The changes, which will come into force by 2023, will mean businesses will be taxed on profits arising in a tax year, rather than profits of...
HMRC guidance on fifth SEISS grant
HMRC have now published full details of the fifth Self-employment Income Support Scheme (SEISS) grant, including a new turnover test which determines the level of the grant. The key change from the previous SEISS grant is that the level of the grant depends on whether...
Letter from HMRC: Income from letting property
Tax grab by HMRC on landlords!!! Billions of £'s spent by Government during Covid to be recovered!!! Penalties to rocket!!! Even genuine tax payers may be hit!!! Investigations may go back to year dot!!! IF YOU RECEIVE ONE OF THESE ENQUIRY LETTERS OR IF YOU ARE...
Be aware of pension scams
According to the latest figures from Action Fraud, the average loss from pension scams has reached £50,949 this year. This figure is more than double the typical figure of £23,689 reported last year. Action Fraud claimed that losses in each case ranged from less than...
New schemes for VAT on EU trade
Three schemes launched on 1 July will deal with VAT on business-to-consumer supplies of goods and services to EU customers. They are known as the 'Union', 'non-Union' and 'import' schemes. The schemes are designed to facilitate the collection of VAT by one EU member...
HMRC intend to recover £1 billion in fraudulent furlough claims
HMRC has announced that it will recover over £1 billion in fraudulently claimed furlough cash over the next two years. More than £60 billion has been claimed in furlough funds by UK employers since the introduction of the Coronavirus Job Retention Scheme (CJRS) in...
