Nov 24, 2020 | Business Tax
A temporary increase to the annual investment allowance has been extended until 1 January 2022, the Treasury has confirmed. The allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January...
Oct 16, 2020 | Business TaxCurrent Affairs
HMRC has received over 54,800 claims from customers using a new online portal which allows workers to claim tax relief for working at home.The portal, which was launched on 1 October, has been set up to process tax relief on additional expenses for employed workers...
Sep 8, 2020 | Business TaxPersonal Tax
HMRC has announced UK VAT is payable on most early contract termination and cancellation fees, in a change to its previous practice. The tax authority said following recent judgements of the European Court of Justice, it is “evident that these charges are normally...
Aug 4, 2020 | Business Tax
Online marketplaces should be liable for the collection and remittance of VAT, according to a tax group. Chancellor Rishi Sunak is considering introducing a new 2% tax on goods sold online in a bid to boost struggling high street retailers. Alternatively, the...
Jul 22, 2020 | Business TaxGovernment Announcements
Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced. Since April 2019, VAT-registered traders with annual taxable turnover above £85,000 have been submitting VAT returns through MTD. From April 2023,...
