Over the years, the provision of company cars to employees has become increasingly disadvantageous from both a payroll and business tax point of view.
Whether they confuse, scare, or excite you, most people have heard about cryptocurrencies in recent years. Elon Musk has been tweeting about them, El Salvador has officially adopted Bitcoin as legal tender, and corporates are beginning to accept and hold various cryptocurrencies. As there is wider adoption, more businesses will end up acquiring these digital assets which raises the question on how to account for them.
The government confirmed on 23 September that, following concerted feedback from a range of stakeholders, the planned introduction of MTD for income tax in April 2023 will be delayed until April 2024.
HM Revenue & Customs (HMRC) has updated their guidance on the new regime for penalties and interest for late payment of tax. This is the next step in an ongoing process of unifying the rules across all the taxes.
New company car advisory fuel rates have been published and took effect from 1 September 2021.
HMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and Development (OECD).
HMRC has urged taxpayers to stay alert to the threat of digital scams and scammers claiming to represent HMRC.
Boris Johnson has announced a new “Health and social care levy” to address the current funding crisis in the sector.