Business tax

Tax / Chancellor extends furlough to end April 2021

In a move to support businesses, the Chancellor has announced that the current furlough scheme will be extended to 30 April while covid business loans will now be available until the end of March

Tax / HMRC advisory fuel rates for company car users from 1 December

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 December 2020, cutting mileage rates for 1400-2000cc petrol vehicles by 1p per mile

Tax / Don’t get caught by tax on virtual Christmas parties

With the festive season upon us, the annual company Christmas party will look very different, but will the tax implications be the same? SJD Accountancy’s Joanne Harris unwraps HMRC’s approach to staff celebrations and gifts

Tax / Bounce Bank Loan Scheme risks up to £26bn of fraud

UK taxpayers stand to foot a bill of £26bn to cover potential losses from loans made via the bounce back loan scheme (BBLS), which was rushed out too quickly and with insufficient checks, the Public Accounts Committee (PAC) is warning

Tax / Record 3,126 businesses liquidated to reduce CGT

A flood of businesses are voluntarily closing down due to the economic uncertainty around covid-19 and fears over a possible increase in capital gains tax (CGT), according to analysis by Price Bailey

Tax / Tax updates 2020 part 2: business

In a round-up of the major business tax stories of the year, we look at non-coronavirus tax news, including SME R&D tax relief cap, IR35 reporting delay, Making Tax Digital (MTD) timetable for corporation tax, carbon emissions review and digital services tax

Tax / HMRC penalty payments increase by 62%

HMRC penalties for taxpayers’ compliance failings are on the rise once more, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young

Tax / £13.8bn at risk in FTSE 100 tax disputes

FTSE 100 companies face having to pay out £13.8bn as a result of tax disputes with tax authorities globally, according to research by Thomson Reuters

Tax / Government lays out post-Brexit NI VAT and duty details

The government has introduced legislation to Parliament providing clarity for how customs, VAT, and excise duty will be dealt with in Northern Ireland after the end of the Brexit transition period

Tax / HMRC eases deadlines for non-EU VAT refund claims

HMRC has published details of the actions it is taking to enable overseas (not established in the EU) businesses to claim VAT refunds in cases where the necessary paperwork has been delayed because of Covid-19 restrictions

Tax / CGT: don’t hit entrepreneurs with tax rate hike

The OTS capital gains tax reveals where there can be an arbitrage between CGT and income taxes, but the government should think carefully before introducing measures which significantly hurt the entrepreneur, argues Gary Ashford, tax partner at Harbottle and Lewis

Tax / Q&A: post-cessation expenses for a company

In our regular Q&A series, Croner Taxwise, tax adviser, Marsha Haywood, explores whether a company can claim relief from corporate tax on expenses incurred after the company ceases to trade

Tax / OECD tax revenues fall for the first time in a decade

Tax revenues fell across the OECD for the first time in ten years during 2019, with a much larger decrease expected in as Covid-19 drives down economic activity and consumption tax take

Tax / Move to make HMRC preferential creditor ‘ill timed’

Accountancy firms are warning that the reintroduction of HMRC’s status as a preferential creditor at the beginning of this month could have a significant impact on businesses’ ability to obtain finance, and risks compromising the economy’s recovery from the current pandemic

Tax / Tesco to pay back £585m Covid business rates relief

Tesco is to repay all of the £585m of business rates relief the company received in respect of the Covid-19 pandemic, saying it was ‘absolutely committed to doing the right thing’