As we all look forward to emerging from the pandemic and resuming a more normal life, now is a good time for HMRC to reflect on any positives that have come out of the situation, specifically looking at the department’s processes and how it communicates with taxpayers?
The 25 per cent corporation tax rate from 1 April 2023 will largely eliminate the benefit of personal service companies. In fact, the commercial advantages of employment status for workers will mean that individuals who have operated through personal service companies may be keen to go on to the payroll.
The government has confirmed in the Budget that the unpopular default surcharge regime for late submission and payment of VAT returns will be replaced next year. Who will be the winners and losers under the new system?
A recent tribunal case demonstrates how gig economy workers can end up in tax trouble because they are in structures they do not understand.
The Treasury Committee’s unanimously agreed report on 'Tax After Coronavirus' contains important recommendations for future tax changes in the UK. Presented at times like a mini-Budget and at others like a series of warning shots for the Chancellor, it became apparent that cross-party collaboration would be withdrawn when an election is called. Once again, we find ourselves in a situation where tax policy reform will be for the good of the party and not necessarily for the good of the people.
With its links to hospitality disrupted by the coronavirus, the food and drink sector innovated its way through 2020. But what does 2021 have in store for the sector?
After being pushed back twice, the domestic reverse charge (DRC) for the construction industry is to be introduced on 1 March 2021. Despite the UK returning to lockdown measures, there has been no indication from HMRC that the DRC will be pushed back again.
The prospect of a relaxing holiday in sunnier climes and joyously packing your sunglasses and flip-flops remains stubbornly (and sensibly) distant. Staycations are back in vogue, with sector operators enjoying high demand and an ability to increase prices. There’s arguably never been a better time to venture into the holiday lettings market. Those who have taken the plunge can look forward to some significant tax benefits.
HMRC has extended the deadline for late filing and late payment penalties. Is it ‘too little, too late’ or is this the start of HMRC’s commitment to improve collaboration with its customers?