Personal tax

Tax / Spending review presages tax rises

The stark picture of an emerging ‘economic emergency’ painted by the Chancellor’s spending review has prompted predictions of significant tax rises in the year ahead, and potentially over the lifetime of this Parliament

Tax / Spending review: ‘economic emergency’ sees GDP fall 11.3%

In his November spending review, Chancellor Rishi Sunak has emphasised the UK currently faces an ‘economic emergency’, and revealed the economy is set to contract by 11.3%, the largest fall in over 300 years

Tax / Tougher criteria for third SEISS grant

With under a week to go until applications open for the third grant available of the self employment income support scheme (SEISS), HMRC has published guidance which includes new criteria claimants must meet regarding the impact coronavirus is having on their business

Tax / Capital gains tax changes self assessment taxpayers need to know

HMRC signals time is running out for anyone who sold a second home during 2019-20 to declare it on their self assessment tax return and pay the capital gains tax (CGT) that is due

Tax / Plans for professional indemnity insurance for tax advisers

The government is to consult on plans to make professional indemnity insurance compulsory for tax advisers in an effort to raise standards in the tax advice market

Tax / Treasury releases tax policy announcements

The Treasury has released a slew of responses to recent consultations, changes to tax policy implementation deadlines, and announced new consultations, including one on Making Tax Digital for corporation tax

Tax / Remote worker tax to help lower-paid employees

The government should consider introducing a 5% tax on those who continue working from home (WFH) after the pandemic ends, with the potential to raise an additional £6.9bn in revenue to be targeted at lower-paid workers, according to analysis from Deutsche Bank (DB)

Tax / ICAS proposes three-month waiver for late filing penalties

ICAS has written to HMRC seeking a three-month waiver of the penalties for failure to meet tax filing deadlines, highlighting the impact of Covid-19 disruption on firms and their clients

Tax / Covid-19 hits HMRC customer response levels

Covid-19 restrictions and HMRC’s leading role in the launch of a slew of government support schemes have hit HRMC’s customer service levels and are having an impact on the amount of tax collected, latest statistics reveal

Tax / £5m funding for organisations to help people with tax affairs

HMRC has secured £4.98m funding for 2021-2024, equating to £1.66m per year, to allocate to voluntary and community sector organisations to help them support taxpayers comply with tax obligations and claiming their entitlements

Tax / Oman mulls introducing income tax

Oman is set to introduce an income tax on high earners in 2022, the first of the Gulf states to make such a move

Tax / HMRC changes VAT policy for private baby scans

HMRC has published a brief on changes to the VAT treatment of ultrasound scanning services for pregnant women following the decision of a First Tier Tribunal (FTT)

Tax / HMRC: 95 days left to self assess

HMRC is reminding self assessment taxpayers that there are just 95 days left to complete their tax return ahead of the deadline on 31 January 2021

Tax / Covid-19: childcare support eligibility extended

Working parents who are on coronavirus support schemes will remain eligible for childcare support even if their income falls below the minimum threshold requirement, the government has announced

Tax / Covid-19 spurs working from home tax relief claims

With up to £124 a year available as tax relief, it is perhaps not surprising that some 54,800 working from home tax relief claims were made through HMRC’s new online portal in the first 11 days of operation, writes Philip Smith