Self-employed given extra month to file tax return fine-free January 25, 2021 HMRC will not levy a late fine on those who file their tax return by 28 February 2021. The deadline to submit a self-assessment tax return is usually 31 January, and late penalties are usually applied to all returns filed after the deadline. HMRC chief executive Jim Harra said scrapping late fees until the end [...]
Tax penalties double in six months following lockdown lull January 20, 2021 The value of penalties imposed by HMRC has doubled in the last six months, with November up nearly 100 per cent on May. Some £41m was collected from penalties in November 2020, up a whopping 97 per cent from the £21m that was collected in May, according to HMRC’s receipts and expenditure data. Penalties could [...]
City Moves: Who is switching jobs in the Square Mile this week? January 13, 2021 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. After a rocky year for business, City firms are continuing to adapt to the challenges of three national lockdowns and post-Brexit bureaucracy to keep things moving across the Square Mile. This week, Lloyd’s [...]
Individuals rush to sell assets as capital gains tax bill rockets to £10.1bn December 23, 2020 The UK’s capital gains tax (CGT) bill has hit £10.1bn, up more than fourfold from £2.5bn a decade earlier, prompting people to sell their assets. Despite the increase of nearly £7.5bn in a decade, more CGT could be demanded from the taxpayer. The Office for Tax Simplification recently recommended the Chancellor increase CGT rates in [...]
How does the UK’s capital gains tax compare to other nations? November 20, 2020 How does the UK's capital gains tax compare to other nations?
HMRC criminal actions against rich individuals jump 40% in 2019/20 November 16, 2020 The number of arrests, dawn raids or interviews carried out by HMRC in respect of corporate and high net worth individuals jumped 40% last year. Criminal actions launched by HMRC’s Offshore Corporate and Wealth (OCW) unit increased to 70 in the 2019/20 tax year, up from 50 in 2018/19, according to a freedom of information [...]
Aligning CGT with income tax would be a mistake, warns Andersen’s tax head November 12, 2020 The government’s tax advisory body published yesterday a highly anticipated report into capital gains tax, concluding that the current rules are ‘counter-intuitive’ and create ‘odd incentives’ in several areas. Instead, Rishi Sunak should increase capital gains tax rates in order to reel in an extra £14bn, according to the Office for Tax Simplification, as it [...]
Criminal gangs steal £2bn through furlough fraud October 23, 2020 Criminal gangs have scooped up almost £2bn of government cash intended for furloughed workers, according to official tax estimates. HM Revenue & Customs (HMRC) said that between 5 and 10 per cent of the £39bn sum handed out by chancellor Rishi Sunak to support workers during the pandemic had been claimed fraudulently. A report published [...]
Covid is an opportunity to scrap business rates altogether October 16, 2020 No business can rightly complain about paying a reasonable amount of tax on profits it earns. Taxes on turnover, such as VAT and stamp duty, are less justifiable, as they are a tax on transactions. In these straitened times such taxes should be cut. But by far the worst kind of tax is property tax, [...]
Amazon to escape UK tech tax as global crackdown falters October 14, 2020 Amazon is facing fresh scrutiny over its tax liabilities after it emerged the tech giant will not be affected by the government’s landmark digital services tax. In April ministers unveiled the new tax — which charges a two per cent levy on the revenue of internet companies — saying it would ensure companies contribute their [...]