Having just passed the 31 January tax return deadline, cryptoasset traders may be sitting contentedly in the knowledge that they submitted their return way ahead of schedule. What many may not realise is that HMRC changed the rules in November 2019 so people may have reported their trading in cryptoassets incorrectly on their tax returns.
In a welcome move, HMRC has announced a simplified way to allow some individuals within self-assessment to set up payment plans online. The scheme offers one-off payment plans to give taxpayers extra support where they are facing genuine hardship.
In October 2018, the Chancellor unexpectedly announced the ending from April 2020 of Enhanced Capital Allowances (ECA) for energy- and water-efficient plant and machinery. With the deadline fast approaching there is still time for businesses to benefit from this valuable relief. But is this really the end of tax relief for energy efficiency?
Last week, the Government announced its plans to bring forward the ban on the sale of new petrol, diesel and hybrid cars by five years to 2035. The move will lead to a corresponding decrease in fuel duty receipts, so what will replace the current system?
The Department for International Trade has launched a public consultation on its proposals for a new UK customs tariff, to be implemented at the end of the Brexit transition period. The closing date for comments is 5 March 2020 and we can expect an announcement on the UK’s new tariff shortly thereafter. Businesses should take note.
An indoor ski slope operator has successfully challenged HMRC that its ski lift passes are an optional charge for customers, and so are eligible for the reduced VAT rate at 5 per cent.
The Government is proposing a 700 per cent increase in road tax for motorhomes, but there is little to back it up from a tax or environmental perspective and it would leave a damaged manufacturing industry behind.
The Conservative manifesto promised a ‘review and reform’ of Entrepreneurs’ Relief and, from recent reports, the Chancellor, Sajid Javid, and the Treasury have changes planned for the March 11th Budget. Rather than widely consulting with others on how to best incentivise entrepreneurial behaviour, it appears the Chancellor plans to navigate the waters, well known for Budget U-turns, by himself. What could possibly go wrong?
Against a background of suggestions that the era of the traditionally powerful UK Chancellor of the Exchequer is over, we’ve been looking at George Osborne’s tax legacy. Is it really falling to pieces as some would have us believe?
Tackling the climate change emergency will require radical thinking and an overhaul in the way we do business. Last month, the European Commission unveiled its European Green Deal which included ambitious plans for a carbon border tax. But how will this work and will it prove effective? Will it push up the cost of a McDonald’s Happy Meal?