Weekly tax brief | 24 May 2022

VAT on burial vaults – tribunal finds that death and taxes are not always inevitable
Sarah Halsted
The UK is facing a cost-of-dying crisis with escalating funeral costs, but a recent tax case may help to reduce the financial strain. A tribunal has ruled that a VAT exemption for installing burial vaults in graves can apply to the services of a building contractor and is not, as HMRC believed, restricted to funeral directors and cemeteries.

Waste in Space – will environmental taxes break through the final frontier?
Jim Burberry 
As he prepares for retirement, RSM VAT partner Jim Burberry wonders if the next generation of indirect tax advisors will be working on environmental taxes on space junk?

More disclosures required on company tax returns, and this time they’re complex!
Hannah Lloyd
 As HMRC requests more and more information to be disclosed in a format that is easy for bots to interrogate, it seems evident that it is looking to adopt a more focussed approach to closing the tax gap and making more efficient use of its limited resources. However, its latest changes may lead to far more than additional form-filling for some taxpayers, so, its “barely audible” announcement seems unfair in this context.

What rate of tax do you pay? A simple question? 
Tim Parr
The latest tax receipts figures published by HMRC show a significant increase in the income tax and National Insurance received by government in April 2022 compared to the same period over the last ten years. We all know that we are paying more tax but there remains a lot of confusion about the rate of tax people are paying. We break down the figures to highlight what is driving this record tax take.

Investing in a time of high inflation to avoid costly mistakes 
Andrew Robins 
We all know about the problems faced by families trying to make ends meet as prices soar, but high inflation also creates challenges for anyone trying to hold on to their life savings. Yesterday’s solutions to managing inflation may leave a hole in your finances unless you act quickly.

Related services