The Coronavirus pandemic has greatly reduced people’s desire to handle cash. Does this signal the end for the cash-in-hand shadow economy?

2 minutes

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.

2 minutes

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.

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.

2 minutes