HMRC U-turn on Self-Assessment late filing penalties
Thousands of Self-Assessment taxpayers are to benefit from HM Revenue & Customs (HMRC) announcement to postpone tax return late filing penalties until 28 February 2021.
HMRC and Advertising Standard Authority launch new action to disrupt promoters of Tax Avoidance Schemes
HMRC and the Advertising Standards Authority (ASA) have launched a new joint enforcement notice to cut out misleading marketing by promoters of Tax Avoidance Schemes.
Institute of Directors warns Capital Gains Tax (CGT) rise would adversely affect entrepreneurs
The Institute of Directors (IoD) has warned the government that a rise in CGT would affect Britain's entrepreneurial spirit.
The Wealth Tax Commission
The Wealth Tax Commission was established in Spring 2020 to provide an in-depth analysis on proposals to introduce a UK wealth tax for the first time in almost half a century. The last was considered in the UK in 1974.
Tax incentives for electric cars
As tax advisers we have become accustomed to advising business owners of the potential tax savings associated with the purchase of electric and low emission vehicles.
Some form of Wealth Tax inevitable given economic black hole and manifesto commitment on income tax
With a huge hole in the public finances caused by the Covid pandemic, and a manifesto promise not to raise income taxes, some form of wealth tax looks increasingly inevitable, says Shaun Davison.
HMRC confirms MTD for corporation tax to be mandated from 2026
In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax (MTD for CT) will not be implemented until 2026 'at the earliest'.
Making sure gifts to employees are tax-free
As we approach Christmas, some employers may wish to consider giving a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise for the gift recipient.