Any sole traders or partnership members who received support from the government’s Self Employed Income Support Scheme (SEISS) during Covid must include details on tax returns
Accountants are being forced to turn away thousands of taxpayers who are yet to file their self assessment tax returns, despite the deadline being less than a week away
Certain assets such as plant, watches and paintings valued below £6,000 are exempt from capital gains tax but there are some restrictions, explains Chris Thorpe, technical officer at CIOT
Following criticism of long wait times for taxpayers to get through to call centres, HMRC admitted that the average wait time has doubled to 27 minutes, but said home workers did not affect performance
Total tax receipts have hit £553.2bn so far this year, up £48bn on the same period a year earlier, with a £1.7bn boost from the windfall tax on energy producers
Over half of individuals live in households which receive more in benefits, including ‘benefits in kind’ such as health and education spending, than they paid in taxes