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. Anna Walker, practice development manager at Onyx Accountants, explains
Between April and August 2021 HMRC collected £280.4bn worth of tax which is £84.7bn more than this period last year as the economy began to recover post pandemic
The Court has found that a company’s payment to its sole owner of profits made on a property sale was not deductible as a loan and was liable for £18k tax
HMRC is targeting wealthy non-domiciled individuals by sending ‘nudge’ letters to those who may not have failed to declare and pay the annual remittance basis charge
Members of the All-Party Parliamentary Group on anti-corruption and responsible taxes has criticised HMRC after it agreed an £82m settlement with General Electric over a disputed $1bn (£725m) tax bill
The House of Lords Finance Bill Committee is planning to investigate the income tax basis period reform and uncertain tax treatment and has launched a consultation
The court has dismissed an appeal against a £434,318.73 penalty notice which was given to a sole director due to deliberate inaccuracies in the company’s tax return
320,000 businesses face an even higher National Insurance contribution rate with the new Health and Social Care Levy according to a paper published by the House of Commons Library
Over the last two years, out of the 32,675 tax claims that had been queried by taxpayers almost half, 16,120, of the claims were dropped altogether by HMRC
The court has ruled against HMRC and found that £980,000 worth of loans made to a director from a remuneration trust were not connected to employment and not subject to tax or National Insurance contributions (NIC)
The government should stop increasing taxes on businesses and jobs, as it risks derailing the economy’s recovery from the pandemic says the Confederation of British Industry (CBI)
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