In the next step along the ‘Making Tax Digital’ path, HMRC are considering what Making Tax Digital for Corporation Tax should look like in their consultation document published in November 2020
The Low Incomes Tax Reform Group (LITRG) has welcomed changes to the Self-Employed Income Support Scheme (SEISS) announced today, which will finally provide support to the self-employed and partnerships who began trading during the 2019/20 tax year.1 The change comes into effect for the ...
The Low Incomes Tax Reform Group (LITRG) welcome the announcement of additional funds for HMRC’s compliance work in today’s Budget but point out that the two main areas earmarked for money – Job Retention Scheme fraud and the loan charge – contain intricacies that need specialist case handling.
The Low Incomes Tax Reform Group (LITRG) point out that furlough pay from now until September 2021 could be based on two-year-old pay data and would not take into account recent pay rises, including the April 2021 minimum wage rate rise, if existing rules remain in place.
Taxpayers may be disappointed by today’s Budget announcement that the personal income tax allowance will be frozen at £12,570 from the 2021/22 tax year, through to 2025/26.1 Depending on wage inflation over those five tax years, this could result in people paying more income tax in ...
This article highlights some important Coronavirus Job Retention Scheme (CJRS) calculation considerations that will arise over the coming months, which are particularly important for employers with variably paid employees.