Tax rift between the PM and his Chancellor?
The Chancellor of the Exchequer is clear that taxes can be used for different purposes: for example, restoring the nation’s finances; funding social care; or improving people’s diets. Aware, perhaps, that revenue from income taxes has doubled over the last 20 years, the Prime Minister seems keen to dismiss the prospect of future tax increases. They cannot both have it their way: this may not end well.
Draft legislation published for Finance Bill 2021-22
The Government has published draft clauses for the next Finance Bill. Although these mainly cover pre-announced policy changes, the proposals for simplifying tax reporting for the self-employed break much newer ground.
Haworth decision has supreme consequences for HMRC
The Haworth Follower Notice case has been battling through the courts for many years, but the recent decision handed down in the Supreme Court may offer hope for future recipients of Follower Notices.
Chinese restaurant makes HMRC eat humble pie in tax case win
The First Tier Tribunal has found that HMRC's methodology, which led to the allegation that a restaurant had underpaid VAT and corporation tax, was “entirely inadequate”. This resulted in almost £200,000 assessments and associated penalties being discharged. This serves as a reminder to businesses under investigation that HMRC estimates should always be subject to scrutiny.
The prospect of increases in taxes on growing personal wealth
RSM hosted a discussion last week with Bill Dodwell, head of the Office of Tax Simplification (OTS). The key focus of the discussion was capital taxes – primarily inheritance (IHT) and capital gains tax (CGT) – which the OTS reviewed on request from the Chancellor of the Exchequer in 2019 and 2020 respectively.
Is your tax payment really necessary?
31 July 2021 tax payments on account will be due soon. Given the profound effects of Coronavirus on income, people should review their position and make sure they don’t pay more tax than they need to.