HMRC

Tax / One week to tax credits renewal deadline

HMRC is warning taxpayers who claim tax credits they have just one week left to tell HMRC about changes to their circumstances or income before the renewal deadline on 31 July, or risk incorrect payments

Tax / Tax impact of Covid-19 on company cars

While there has been no tax break on company cars that have sat on the drive during the pandemic, a rebate on fuel benefits is still possible, according to RSM’s Chris Etherington

Tax / Finance Bill 2020-21: changes to working time requirements for Enterprise Management Incentives

Finance Bill 2020-21 includes amendments to ensure that individuals will keep the tax advantages of the enterprise management incentives (EMI scheme) if they have either been furloughed or had their working hours reduced below the current statutory working time requirement for EMIs because of coronavirus

Tax / Finance Bill 2020-21: amendments to HMRC’s civil information powers

HMRC is to be given new powers to issue a financial institution notice (FIN) requiring financial institutions to provide information about a specific taxpayer when requested, without the need for approval from the tax tribunal, in a bid to bring the UK into line with international standards on the quality and speed of exchange of tax information

Tax / Finance Bill 2020-21: ATED and SDLT relief for housing co-ops

HMRC has announced relief for housing co-operatives from Annual Tax on Enveloped Dwellings (ATED) and Stamp Duty Land Tax (SDLT)

Tax / Finance Bill 2020-21: Making Tax Digital to be extended

HMRC’s flagship Making Tax Digital online quarterly reporting is to be significantly extended, with legislation in the Finance Bill 2020-21 bringing all VAT-registered businesses into the system from April 2022, and plans to include income tax self-assessment from April 2023

Tax / Finance Bill 2020–21: digitisation of tax administration is key

The government has published Finance Bill 2020–21, which includes significant extensions to the Making Tax Digital regime, tougher action on tax avoidance promotors, additional stamp duty land tax (SDLT) charges and action on the hidden economy, alongside details of a ten-year tax administration strategy

Tax / Treasury moves to regulate cryptoasset promotions

The Treasury is consulting on plans for the Financial Conduct Authority (FCA) to regulate the promotion of certain types of cryptoassets for the first time, and to strengthen its role in approving financial promotions by unauthorised firms

Tax / MPs call for closer monitoring of tax reliefs

The Public Accounts Committee (PAC) is calling for much closer and more systematic monitoring and evaluation of tax reliefs, claiming that the government does not know enough about their cost, whether they work, or if they offer value for money

Tax / Blick Rothenberg: Bleak winter to follow summer statement

The chancellor’s moves on job retention bonuses and VAT cuts could be delaying the inevitable failure of many companies, says Blick Rothenberg’s Nimesh Shah

Tax / Q&A: is VAT recoverable from electric cars?

In our regular Q&A series from Croner Taxwise, VAT advice consultant, Sally Atkins explores whether VAT is recoverable on the purchase of an electric car, and the input tax implications on usage of a green vehicle

Tax / HMRC CEO’s warning over job retention bonus

HMRC CEO Jim Harra has challenged the Chancellor over the Job Retention Bonus Scheme set out in this week’s summer economic update, saying that the £1,000 bonus to be paid to employers who bring back furloughed staff may not be cost effective

Tax / Tax gap of £31bn shows downwards trend

The tax gap, which is the difference between tax that should be paid and what is actually paid, has fallen to 4.7%, its lowest recorded rate, according to HMRC estimates

Tax / Summer update: Chancellor offers job funding, VAT cuts and eat out discounts

Just four months after his first Budget, Chancellor Rishi Sunak has unveiled a summer economic update designed to mitigate the impact of the Covid-19 pandemic, with a commitment to encouraging job creation through a government ‘plan for jobs’ and stimulus for consumer spending

Tax / HMRC names new deputy CEO

Angela MacDonald has been named as the HMRC’S new deputy chief executive, succeeding Jim Harra who vacated the position in October 2019 when he took on the top role as HMRC’s chief executive
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