With the Coronavirus Job Retention Scheme, HRMC will now have sight of payroll data and whistleblowing reports to support enquiries into National Minimum Wage compliance.
Reducing VAT rates is an option for Government, or could it be ringfenced and invested for longer term benefits for the businesses most affected?
A rush of buyouts and corporate restructuring is expected once the business world gets back on its feet after coronavirus and prepares to face a changed marketplace. Businesses which find themselves involved in mergers and acquisitions should plan carefully to protect their entitlement to VAT recovery.
Businesses need to adapt premises to reopen to ensure compliance, but this comes at a cost. Implementing a temporary enhanced capital allowance could provide a real cash boost when reserves are depleted.
Are you taxed before you even come into the world? This was a question presented at a recent court hearing - the First-tier Tax Tribunal has confirmed that private ultrasound scans offering complementary services to those provided on the NHS still qualify as a VAT exempt supply of healthcare. Medical clinics offering ‘non-essential’ services should check that their registrations and contracts are up to HMRC scrutiny.
The introduction of the new VAT reverse charge for domestic supplies of construction services has been postponed by HMRC, but will a five-month extension be enough for a sector hard hit by the coronavirus emergency?
The charitable sector is calling for an extension to Social Investment Tax Relief (SITR). But how effective is it, and could there be a better alternative? In these uncertain times, where social enterprises have been hit hard by shortfalls in income, there is a strong argument for reforming this relief rather than losing it altogether. The government is simply adding to the uncertainty by appearing to not tackle the issue in good time.
Global crises such as the financial crisis of 2007/08 and the current coronavirus pandemic impose enormous financial strains on countries’ economies and tax systems. We take a look at what HMRC has been doing over the last 10 years to work smarter in collecting taxes which would otherwise never reach the Treasury’s coffers.
Treasury confirmation that Chancellor of the Exchequer Rishi Sunak plans a fiscal event in July was quickly followed by a statement that the event will not constitute a Budget. So what might be included?