Missing the 31 January deadline could lead to lost tax refunds
More than two million taxpayers didn’t submit their tax returns by 31 January 2022. While they will not incur a £100 penalty if their 2020/21 tax return is submitted by 28 February 2022, they will be too late to amend the previous year’s return for any mistakes spotted. However, if they realise they’ve overpaid tax, they may still be able to submit a special claim for ‘overpayment relief’ to get a refund.
Car boot pitches are exempt from VAT, but for how long?
A tax tribunal has ruled that VAT is not chargeable on car boot sale pitches rented to sellers, provided the onsite facilities and other services offered are basic. But where do organisers draw the line between this and charges made to stallholders at more sophisticated events?
Record tax receipts bring a smile to the Chancellor’s face, for now
Latest data from HMRC show record tax receipts. With the number of paid employees and median monthly pay both increasing over the last 12 months, there are good reasons to believe that the UK economy is recovering from the pandemic. However, the road ahead may be bumpy. We delve into the detail.