It was announced that employers and employees’ National Insurance (NI) contributions will each increase by 1.25 per cent from April 2022, with the increase becoming a separate health and social care levy from April 2023. Unless this additional cost for employees is factored into transactions, those purchasing a business will not reap the profits they expected.
In one form or another, taxes and levies make up around 20 per cent of a typical household’s gas and electricity bill. The way these charges work is at odds with government policy on climate change.
Three days in the life of the new Health and Social Care Levy suggest that may be because MPs do not know what they're voting for. Parliamentary officers must get a grip on this.
The corporation tax rate increase is a bold move underpinned by a need to increase tax revenues, avoid significant tax burdens on individuals and a belief that the UK will remain an attractive place to do business.
The Upper Tribunal has found that a farming business whose income had dwindled away over the years to a very low level is no longer ‘in business’ for VAT purposes, and therefore no longer entitled to VAT recovery. The findings suggest businesses should check whether their VAT registration is still valid under HMRC’s latest interpretation.
How can HMRC improve engagement with its most reluctant debtors to speed settlement and make things better for all concerned? New research examines how ‘disengaged’ debtors view HMRC.
Children’s Trust Funds (CTFs) started maturing on 1 September 2020. As the first recipients turn 18, HMRC has announced that many beneficiaries have failed to claim their funds, which contain a minimum of £250, but could contain much more.
Taxpayers who feel they have been misadvised by HMRC officers or misled by poorly worded HMRC guidance currently have few legal options for challenging the tax bills that may follow, and many simply give up. Could this be about to change?
Employers may be alarmed to learn that scrutiny of their furlough decisions is not limited to HMRC and the employers’ own external or internal audit functions. Employment tribunals are adjudicating on them too.