The Chancellor’s Autumn Budget highlighted the need to move the economy on from the effects of Covid-19 and began to explore new opportunities to change the tax regime following Brexit. Together with HMRC’s aspiration to move towards real-time reporting by 2030, we are starting to see a possible vision for the future of tax. All…
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Around 82% of mid-sized businesses revealed that Making Tax Digital (MTD) for VAT has convinced them that further digitalisation will make the tax system more efficient According to research by BDO eight out of 10 mid-sized businesses believe that moving all tax reporting to a digital process will make the tax system more efficient and…
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Companies House accepted 11.3m digital filings in the last financial year with the words ‘digital filing’ not even mentioned in last year’s annual report The last two years has seen Companies House advance dramatically in its steps towards digitalisation with the organisation seeing a 91.4% digital take up in the last financial year compared to…
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HMRC is reminding taxpayers to check that they have the correct information in order to complete their paper self assessment tax returns by the month end deadline. The deadline for 2020/21 paper tax returns is 31 October 2021 for those completed on paper forms and 31 January 2022 for online returns. While the end of…
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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 activities relating to collecting debts…
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The Chancellor has confirmed that government spending plans will be outlined at the Spending Review on 27 October alongside a second Budget This will be the second Budget of the year, following the March Budget which happened in mid-March, the week before the country went into lockdown due to covid-19. The three-year review will set…
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14 September Deadline to claim CJRS for August 2021 claims 14 September Corporation tax second quarterly instalment payment for very large companies with annual taxable profits exceeding £20m (reduced if company is a member of one or more 51% groups) with an accounting period beginning on 1 April 2021 19 September PAYE cheque payments…
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HMRC have published company car advisory fuel rates for use from 1 September 2021. The rates apply when employers reimburse employees for the cost of fuel for business travel in their company cars or require employees to repay the cost of fuel used for private travel. HMRC review rates quarterly on 1 March, 1 June,…
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The tax implications of buying, using and selling cryptoassets from the point of view of a person (an individual or a company) carrying on, or intending to carry on a business. Suggested approach In the absence of tax legislation relating specifically to cryptoassets, we must apply general principles with help from HMRC’s Cryptoassets Manual. One way…
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If you want to get the most benefit for your client’s business through R&D tax credits, you have to maximise your claim. This will involve doing a lot of research and sometimes it’s difficult to even know where to start when preparing your application. It’s worth it to put in the time and effort though,…
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