It is reported that as many as 250,000 businesses in the UK are expecting to close this year, with many more facing severe financial difficulties. We look at how to use tax losses to help businesses.
HMRC issued a record £23.8m money laundering fine to MT Global - a money transfer company. This single penalty alone is more than double the £9.1m penalties HMRC issued in total for breaches in the previous year.
Flexible working is not only for people with caring duties but open to all who want to manage their work-life balance and improve their well-being.
If we believe the many (many) think-pieces that have been published since March 2020, the coronavirus pandemic has started a flexible working revolution: city centres will never be the same again, the rush hour pollution on our roads is over for good, and so on.
The Government has confirmed that there will be no extension to the ‘SDLT holiday’ beyond the 31 March 2021 deadline but, with the country plunged into lockdown again, thousands of property purchases that are already underway risk being subject to significantly higher SDLT costs due to delayed completions. Rather than risk disruption to the property market and chains collapsing, we call on the Government to rethink its response and consider a phased withdrawal of the SDLT relief.
With all the reminders about submitting elections to spread the loan charge by 31 December 2020, the impact this will have on future tax returns could easily be forgotten. If a taxpayer has elected to spread the loan charge over three tax years, the second instalment must be reported on the 2019/20 tax return by 31 January 2021, and the resulting tax liability paid. Failure to report the second instalment could result in an incorrect tax return, incurring interest and potential penalties.
Despite earlier indications that the Government would implement EU cross-border reporting of tax arrangements as intended, it is now abandoning the majority of those provisions in a surprising U-turn.
Businesses may have breathed a sigh of relief when the UK and EU reached a last-minute agreement on their post-Brexit trading relationship, but what does this mean in practice from a customs perspective, and what challenges are likely to arise in the coming months?
After years of wrangling about how much more tax should be paid by other people, the debate has become more nuanced. Tax increases alone cannot repair the damage inflicted on the UK’s finances by the coronavirus pandemic, but the prospect of years of austerity is unthinkable. Is a 21st-century version of the Bretton Woods Agreement required to allow countries to address their debt responsibilities while focussing on job creation, rebuilding the global economy in a way that simultaneously meets climate change objectives?