The Supreme Court’s recent decision in Balhousie Holdings indicates that care home operators, charities and universities may be able to use leaseback arrangements to finance certain new buildings without incurring a hefty VAT liability.
The Coronavirus pandemic has greatly reduced people’s desire to handle cash. Does this signal the end for the cash-in-hand shadow economy?
The tax allowance for working from home due to Covid-19 needs to be claimed again for 2021/2, it does not automatically carry forward.
HMRC’s digital identification processes are causing some taxpayers administrative headaches and delays for 30-day capital gains tax (CGT) reporting on UK property disposals. While ID checks are necessary, HMRC should consider the questions it asks on its Government Gateway account carefully, as current issues do not bode well for the digitisation of tax.
The Carbon Border Adjustment Mechanism (CBAM), a form of carbon border tax, was endorsed by the European Parliament last month. While ostensibly being introduced to reduce carbon emissions on a wider scale, it has been greeted with much political hostility.
Pushing the limit of filing deadlines for accounts and tax returns has become a bit of a sport for some business owners. But could access to cash by early tax filings encourage a change in approach? For loss-making trading businesses, an extension to the loss carry-back rules could be invaluable.
In an era marked by the weaponisation of taxes around the world, the fallout from fiscal combat between the USA and the UK seemed inevitably set to do far more damage to the UK than the USA. Recent developments suggest that the risk of serious damage to UK exports to the USA may be receding.
The 2020 profits of many large businesses in sectors such as travel and hospitality have been hit hard by COVID-19. Many have also had to borrow large amounts from their banks on which interest is payable. Facing uncertain futures, some are now having to recognise that they will never obtain effective tax relief on bone fide commercial borrowings.
Property sales have been booming recently with the stamp duty holiday, and while many taxpayers will need to report and pay their capital gains tax on residential property within 30 days, we are urging them to check whether they can submit their self-assessment tax return early instead of using HMRC’s “capital gains tax on UK property” account.
HMRC has issued a further tranche of offshore nudge letters this month, once again stating that it has information which shows the taxpayer may have received overseas income or gains which have not been subject to UK tax. The letters do not always detail the information HMRC has, but normally a brief telephone call to the helpline can shine a light on the data held.