A raft of cases concerning the much-criticised High-Income Child Benefit charge (HICBC) and what constitutes a reasonable excuse for incorrect entries on tax returns have recently come before tribunals. One of these is particularly disturbing.
HMRC has announced that form IHT100 can now be submitted unsigned in a further relaxation of its procedures to combat the challenges faced by many during lockdown. Whilst a welcome change for many individuals, to reduce the risk of fraud HMRC should be cautious about being too flexible.
Businesses in some sectors are increasingly turning to vouchers to ease their coronavirus cash flow predicament. However, it is just as important to navigate the potentially hazardous VAT implications.
The outcry against coronavirus profiteering has led to calls for the Government to give the Competition and Markets Authority emergency powers to pursue businesses which are exploiting customers during the emergency. Would it not be easier and quicker to give HMRC the necessary powers? After all, it was the taxman who brought notorious gangster Al Capone to justice.
Working arrangements abruptly changed on 23 March for millions of people when the country went into lockdown and we were all told we must work from home where possible. Our tax system has found ways of providing relief for certain costs incurred by homeworkers.
A recent report analyses the tax cost of coronavirus between sectors. With the UK Government now proposing a roadmap to recovery from the coronavirus, we consider what role the tax system will have as the country begins to get back on its feet. Tax increases alone will not be sufficient. Direct investment by the Government will be required. Welcome to Roosevelt’s 1930s New Deal for the UK 2020s.
The Government intends to amend UK insolvency law in the wake of coronavirus, to relax the wrongful trading rules from 1 March 2020 for three months. Although this has still not become law, directors need to be mindful of other duties which can give rise to personal liability for directors and officers if their business is insolvent. HMRC will take a close interest in what happens.
The Self-Employment Income Support Scheme (SEISS) will be available to qualifying individuals this week – but they will need a Government Gateway account to claim their entitlement.
With thousands of businesses facing the prospect of insolvency over the next few months, investors in unlisted companies will be counting the cost to their hard-earned savings as the value of their shareholdings plummet. So how and when can investors best utilise their losses?