Over the years, Chancellors of the Exchequer have got into the habit of giving their Budgets a strapline. Given the current challenges facing the Government– and the threats to his own job in a reshuffle - this will be the ‘Budget of a Chancellor under pressure’.
In our article on 3 October 2017, we discussed how changes to income tax relief on residential property would affect landlords, their tenants and the housing market generally. The recent rise in interest rates can only mean more pain.
If a decline in beer sales continues to reduce the tax take, how will the Chancellor respond and where else can the tax come from?
Einstein said, ‘the hardest thing in the world to understand is tax’ and every year it seems to get harder. The rules frequently change and continue to expand at a seemingly exponential rate, (now over 21,000 pages and 10 million words).
The Supreme Court has ruled that HM Revenue and Customs (HMRC) does not have to pay Littlewoods compound interest, worth £1.25bn, on historic VAT overpayments.
Social Care provider’s exposure to a significant liability led HMRC to announce a temporary suspension on enforcing financial penalties in the sector with effect from 26 July 2017.
Companies making video games may be able to claim video games tax relief (or cash back) of up to 20 percent of the production cost. Even where companies already make claims, they make be significantly under-claiming.
Despite some encouraging comments from the Government, the issue of National Minimum Wage for sleep-in shifts in the Social Care sector appears no closer to being resolved
New legislation came into force on 30 September 2017 to help prevent the facilitation of tax evasion by corporates and partnerships. These rules will have a knock-on effect for companies’ supply chains. The penalties are severe. Don’t get caught out.