Income tax self assessment second payments on account are usually due by the 31 July 2020. HM Revenue & Customs are, however, allowing taxpayers to defer making their second payment on account if they would find it difficult to pay by 31 July 2020 due to the impact of coronavirus. This is an automatic offer […]
HM Treasury’s Office of Tax Simplification (OTS) has been instructed to carry out a review of capital gains tax (CGT) to identify simplification opportunities, and “ensure the system is fit for purpose”. The Chancellor of the Exchequer’s scoping document suggests its ostensible purpose is to identify which aspects of CGT are particularly complex and hard […]
The Treasury has announced that it plans to expand the Making Tax Digital (MTD) reporting regime to all VAT-registered businesses from April 2022. At present, it only applies to those with a taxable turnover of £85,000 and above. From 2023, it will also extend to cover income tax reporting for all unincorporated businesses and landlords […]
Today the Chancellor delivered a summer statement in the Commons presenting a financial package to support young people, help the housing market and improve the country’s struggling hospitality sector. Key points included: A job retention bonus, whereby businesses will be paid £1,000 for every eligible furloughed employee they bring back to work. A kickstart job […]
