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Tax News

Errors in furlough claims

Errors in furlough claims

Date posted: 15th Sep 2020

As you may have read in the press, HM Revenue & Customs believe that up to £3.5bn of furlough monies may have been claimed in either error or…

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Retirement age and pension planning

Retirement age and pension planning

Date posted: 14th Sep 2020

The government has confirmed that it will increase the age at which people can access their pensions from 55 to 57 in 2028. This means that if you…

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Certain Property Business Owners are Liable to Class 2 NICs

Certain Property Business Owners are Liable to Class 2 NICs

Date posted: 4th Sep 2020

Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to Income Tax on…

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Numerous Fraudlent CJRS Claims Identified

Numerous Fraudlent CJRS Claims Identified

Date posted: 3rd Sep 2020

HMRC’s CJRS fraud reporting portal had received over 2,000 reports of wrongful claims. Examples of such wrongful claims include; Claiming furlough payments for staff who are continuing to…

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R&D claims – evidence required

R&D claims – evidence required

Date posted: 27th Aug 2020

It is important to remember that when making a claim for research and development tax relief, HMRC will expect that you will provide sufficient information for them to…

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HMRC systems are behind: Have you received any unexpected correspondence or penalty notices?

HMRC systems are behind: Have you received any unexpected correspondence or penalty notices?

Date posted: 14th Aug 2020

As you may be aware HMRC have had to reallocate staff to deal with the myriad of Corona Virus support schemes. This has resulted in them being behind…

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Recession tax planning

Recession tax planning

Date posted: 14th Aug 2020

As the UK officially enters a recession, we take a look at what tax planning opportunities may be available for individuals and businesses. A few potential ideas are…

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Offshore Income Reporting

Offshore Income Reporting

Date posted: 14th Aug 2020

HM Revenue & Customs (“HMRC”) have started to issue letters to clients and their representatives in relation to unreported overseas income. HMRC are clearly concerned that individual’s are…

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Vans are cars?

Vans are cars?

Date posted: 14th Aug 2020

The Court of Appeal has recently ruled that certain modified vans are regarded as cars for tax purposes, rather than vans. This follows on from the original tribunal…

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Accountants Warn of Further Changes to Digital Tax Reporting

Accountants Warn of Further Changes to Digital Tax Reporting

Date posted: 11th Aug 2020

Lee Watson, tax director at Clive Owen LLP, is warning businesses not to fall foul of the Making Tax Digital (MTD) programme as the Government continues to extend…

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