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Comments Off on Government launches online sales tax public consultation

Government launches online sales tax public consultation

Government launches online sales tax public consultation

The Government has opened a public consultation into a new online sales tax (OST) to “rebalance” the taxation of online and in-store retail businesses. The Treasury published its consultation on 25 February 2022, seeking answers from stakeholders on 40 questions about how an OTS should work. If implemented, the Government would use an OST to … Continued

Comments Off on House of Lords raises concerns over IR35

House of Lords raises concerns over IR35

House of Lords raises concerns over IR35

The Economic Affairs’ Finance Sub-Committee of the House of Lords has written to the Government, listing key recommendations on off-payroll working rules known as IR35. IR35 legislation aims to prevent tax avoidance by workers who contract out their services through a personal limited company for tax purposes but enjoy the perks a regular employee would. … Continued

Comments Off on Economic forecasts dampen for 2022

Economic forecasts dampen for 2022

Economic forecasts dampen for 2022

The British Chambers of Commerce (BCC) has revised its forecast for GDP growth in 2022, which is now expected to grow at half the rate as it did in 2021. GDP is now expected to grow in 2022 by 3.6%, revised down from 4.2% and compared to 7.5% growth in 2021. The downgrade largely reflects … Continued

Comments Off on Over one million individuals use extra time to file tax returns

Over one million individuals use extra time to file tax returns

Over one million individuals use extra time to file tax returns

More than one million individuals completed their self-assessment tax return by the extended deadline at the end of February 2022. HMRC estimates 11.3m of 12.2m of the taxpayers who had to file a self-assessment tax return for the 2020/21 tax year did so by 28 February 2022. Individuals and trusts required to submit a self-assessment … Continued

Comments Off on ‘Ditch NICs increase to free up funds for apprentices’

‘Ditch NICs increase to free up funds for apprentices’

‘Ditch NICs increase to free up funds for apprentices’

The Treasury is being urged to consider a late U-turn on introducing the National Insurance contributions (NICs) increase next month to boost apprenticeships.  All NICs rates will increase by 1.25% from April 2022 to help fund the development of the new health-and-social-care levy, which kicks in from April 2023. The Federation of Small Businesses (FSB) … Continued

Comments Off on HMRC eyes reform of stamp taxes and multiple dwellings

HMRC eyes reform of stamp taxes and multiple dwellings

HMRC eyes reform of stamp taxes and multiple dwellings

Changes to reform multiple dwellings relief and how stamp duty land tax is calculated on purchases of mixed-use properties could be in the pipeline. A 12-week consultation closed last month, after HMRC sought feedback on proposals to crack down on abuse by restricting homeowners from obtaining the relief. Multiple dwellings relief is available when at … Continued

Comments Off on £50m shot in the arm for the UK’s creative businesses

£50m shot in the arm for the UK’s creative businesses

£50m shot in the arm for the UK’s creative businesses

Film-makers and video-game developers will be among the creative firms that can benefit from a new £50 million pot.  The Department for Culture, Media and Sport (DCMS) has announced a multi-year UK global screen fund will open soon. That will provide £21m towards promoting UK films globally over the next three years, following a successful … Continued

Comments Off on Two million people missed self-assessment deadline

Two million people missed self-assessment deadline

Two million people missed self-assessment deadline

More than two million people missed a self-assessment tax return deadline on 31 January 2022, according to HMRC.  The tax authority said more than 10.2 million returns were filed ahead of the original deadline, leaving 2.3 million still to file. Late-filers had until 28 February 2022 to file their 2020/21 tax returns online before being … Continued

Comments Off on Deadline looms for new hospitality and leisure grants

Deadline looms for new hospitality and leisure grants

Deadline looms for new hospitality and leisure grants

Eligible businesses in England have until the end of this month to apply for the new Omicron hospitality and leisure grants. The Treasury announced more support for hospitality, leisure and accommodation businesses before Christmas last year. Chancellor Rishi Sunak said at that time the new grant scheme was part of a new support package worth … Continued

Comments Off on Treasury’s pensions tax relief bill soars past £42bn

Treasury’s pensions tax relief bill soars past £42bn

Treasury’s pensions tax relief bill soars past £42bn

The costs involved with providing pensions tax relief are predicted to have increased to £42.7 billion in 2020/21, according to HMRC.  Forecasts for the 2020/21 tax year showed another steady annual rise, following estimates of £41.3bn in 2019/20 and £38.2bn in 2018/19. The 2020/21 figure of £42.7bn was split between £22.9bn in income tax and … Continued