Universities have asked HMRC to support coronavirus collaborations with the NHS by relaxing certain VAT rules, but would a wider general relief for costs of fighting the coronavirus be more effective?
Tenants with cash flow problems face some difficult decisions over the coming months. Professional buy-to-let landlords will need to dust down their crystal ball so that they’re prepared for the challenges that lie ahead.
Now is the time to ensure that HMRC has the resources to tackle tax lost from coronavirus through illegal criminal attacks, evasion and the hidden economy.
It seems a cruel twist of fate to tax British manufacturers who have attempted to produce ventilators in response to the request from government only to be told that their product is no longer needed. The abortive costs with which these businesses are left to contend will be a hard pill to swallow. That said, a silver lining could be found in R&D tax credits.
A simple change to the accounting date for an unincorporated business have a dramatic impact on the amount of tax due and the date it is payable.
Giving away goods and services to help the NHS fight the coronavirus might have unintended VAT consequences for well-meaning businesses.
With the property market grinding to a halt and more than 370,000 transactions reportedly on hold, a sizeable SDLT cost may be looming for the self-builders, ‘grand designers’ and couples who have moved in together, as the lockdown means they are running out of time to reclaim the tax previously paid. We call on the Government to relax the rules.
With growing recognition that economic life will not be the same after coronavirus, the tax system will have an important part to play in the recovery and in the transition to the new normal. Tax reform will be required. What might this look like?
In these trying times businesses need to be certain that relief will be given for trading losses arising in periods when trading may have been interrupted by lockdown measures.