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The penalty reform for late payments has been delayed until 1 January 2023, confirms a statement by Lucy Frazer (The Financial Secretary to the Treasury).
Small and medium-sized enterprises (SMEs) that do not use Making Tax Digital (MTD) for VAT make more errors than those that do, a major study has revealed.
It should perhaps be no surprise given the circumstances of the pandemic that individuals and businesses might have incurred penalties for late tax payments.
Annual investment in companies with goals to tackle climate change has quadrupled since 2018.
Late filing and late payment penalties will be waived for one month to give taxpayers more time to prepare their 2020 to 2021 Self Assessment tax return, it has been announced.
To tackle the cost-of-living squeeze, which could see households losing £1,200 a year, the Government have discussed the idea of offering targeted financial support for fuel bills, like that of the Warm Homes Discount.
According to HM Revenue & Customs (HMRC), over 31,000 Self Assessment tax returns were submitted between Christmas Eve and Boxing Day.
The Government has launched a crackdown on bosses who dissolve their companies to avoid paying their liabilities, with rogue directors facing disqualification for up to 15 years or even prosecution.
The Scottish Government has proposed new rates of income tax for 2022-23, which could affect your future tax bill.