Penalty reform for VAT delayed until January 2023
The penalty reform for late payments has been delayed until 1 January 2023, confirms a statement by Lucy Frazer (The Financial Secretary to the Treasury).Continue reading
New rules to end second home tax loophole
Multiple homeowners who leave “holiday lets” empty will no longer be able to claim tax benefits, it has been announced.
Businesses that do not use MTD for VAT make more errors than those that do, study reveals
Small and medium-sized enterprises (SMEs) that do not use Making Tax Digital (MTD) for VAT make more errors than those that do, a major study has revealed.
HMRC’s guidance on reasonable excuses for late tax payments updated
It should perhaps be no surprise given the circumstances of the pandemic that individuals and businesses might have incurred penalties for late tax payments.
More investors are choosing sustainability-focused firms
Annual investment in companies with goals to tackle climate change has quadrupled since 2018.Continue reading
Late filing penalties waived for one month to give taxpayers more time to prepare 2020/21 tax return
Late filing and late payment penalties will be waived for one month to give taxpayers more time to prepare their 2020 to 2021 Self Assessment tax return, it has been announced.Continue reading
HMRC hikes late payment interest rates
The rate of interest charged on late payments by HM Revenue & Customs (HMRC) has increased, it has been announced.
Did you open presents or submit tax returns on Christmas?
According to HM Revenue & Customs (HMRC), over 31,000 Self Assessment tax returns were submitted between Christmas Eve and Boxing Day.
Outdoor markets and marquees to be made permanent in boost for hospitality sector
Temporary legislation permitting outdoor markets and marquees will be made permanent, the Government has confirmed.
Crackdown on rogue directors who dissolve companies to avoid paying debts
The Government has launched a crackdown on bosses who dissolve their companies to avoid paying their liabilities, with rogue directors facing disqualification for up to 15 years or even prosecution.
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