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A quarter of small firms are set to continue to utilise remote working, despite ministers scrapping work from home guidance. A poll of over 1,000 businesses with fewer than 50 staff by Hitachi Capital Business Finance shows that a quarter plan to work from home until at least April 2023, while a sim...
HMRC is to examine the financial records of 170,000 families who it believes wrongly claimed child benefit, with MPs passing a law granting the taxman power to recoup money given to people who were not eligible. The Times’ David Byers suggests that many may not know they had over-claimed due to th...
The Treasury expects to recover only £1 of every £4 fraudulently claimed during the pandemic, writing off £4.3bn of the £5.8bn of taxpayer money stolen from emergency initiatives including the furlough scheme and the self-employed income support programme. The figures published by HMRC represent...
New analysis shows that women going through the menopause are less likely to apply for a promotion, with it also found that a lack of support in the workplace can hamper their career progression and make it more likely they retire early. A survey of 2,400 women by the Fawcett Society found that half...
David Byers in the Sunday Times reflects on a landmark case that saw a small business challenge HMRC over a tax bill. The dispute centred on a VAT bill sent to a business which rented two rooms to freelancers. While businesses that rent space in their premises are usually exempt from VAT on the rent...
Taxpayers have been warned to beware of online agents that offer to help them claim rebates from HMRC, with experts saying some firms appear to be taking advantage of tax relief payments owed to people forced to work from home during the pandemic. Analysis of some of the agents’ websites suggest a...
A survey of lenders by the Bank of England shows that the number of small businesses falling behind on their loan repayments rose in the three months to the end of November. The analysis shows that fewer medium-sized businesses defaulted on corporate debt repayments in the period, while the number o...
Levelling Up Secretary Michael Gove has pledged to crack down on second home owners who abuse the tax system, saying measures on tax relief for holiday rents would target second home owners who pretended to let out their property but actually leave them empty. Under new rules, second home owners wil...
Using a company to help claim a tax rebate could end up costing people extra according to Which?, with the consumer group saying people are much better off going straight to HMRC themselves to avoid "unnecessary bills". While tax rebates are free to claim via HMRC, with Which? saying the process is...
Office for Budget Responsibility projections suggest capital gains receipts will double over the next five years, from £9.2bn for the 2021/22 tax year to £20bn by 2026/27. Sean McCann, a chartered financial planner at NFU Mutual, said this is probably a reason why Mr Sunak left CGT relatively unch...
HMRC is urging tax agents and accountants to remind their clients that COVID-19 support grants or payments are taxable and should be declared on their company tax returns. The deadline for customers or agents filing company tax returns (CT600) is 12 months after the end of the accounting period it c...
The average inheritance tax bill for the 2018/2019 tax year came in at £200,000 – 6% up on the previous year. Sean McCann, a Chartered Financial Planner at NFU Mutual, commented: “With the tax-free allowances frozen for the next five years, rising asset prices and a heated housing market, a gro...
