HMRC have issued the following comments on their adoption of a risk-based penalty strategy for 2021-22. They said: Following HMRC’s review of the effectiveness of the risk-based approach to late filing PAYE and late payment penalties, we can confirm this approach will continue for the 2021 to 2022 tax year.

First, let’s define these terms. “informed” – a decision or judgement based on an understanding of the facts of the situation. “guesswork” the process or results of estimating or concluding something without sufficient information to be sure of being correct. And between these two extremes varying degrees of certainty will

January and July are positive cash flow months for the UK Treasury as a number of significant taxes fall due for collection. Next month, July 2021, taxpayers may need to settle the following liabilities: 1 July 2021, companies with corporation tax due for the year end date 30 September 2020,

None of us are particularly thrilled to receive communications from HMRC, but fraudulent contacts, by email and other means, are becoming commonplace and innocent members of the public are being left out of pocket. According to HMRC, in the 12 months to 30 April 2021, they responded to more than

The online portal for the new VAT payment scheme closes on 21 June 2021. Over half a million businesses deferred £34 billion in VAT payments due between March and June 2020 under the VAT Payment Deferral Scheme. Businesses had until 31 March 2021 to pay this deferred VAT or, if

Government continues to be optimistic about the outlook for employment. In a recent press release they said: “Furlough numbers have fallen to their lowest level this year, according to official statistics published 3 June, as the number of people relying on the scheme fell to 3.4 million.” And yet that

If there is any Inheritance Tax to pay on gifts you make during your lifetime, it is charged at 40% on gifts given in the 3 years before you die. Gifts made 3 to 7 years before your death are taxed on a reducing, sliding scale known as ‘taper relief’.

Package holiday companies have been instructed to respect the refund rights of holidaymakers ahead of the summer period. In a recent press release, this is what the Competition and Markets Authority (CMA) said: The CMA has published a further open letter to the sector and also sent it directly to

Next month, as you will see from the Tax Diary notes for July, employers that provide any form of taxable benefit to clients will need to prepare and file P11D returns to HMRC. The deadline to file is 6 July 2021. You will also need to provide employees affected with

There are still a significant number of UK employees that are furloughed. Unfortunately, this scheme is scheduled to end 30 September 2021. Businesses that are struggling to re-establish themselves following the downside effects of repeated lockdown, may be faced with difficult decisions as this deadline approaches. The pundits are expecting