It is inevitable: not every business that has taken a COVID-19 bounce back loan will manage to ‘bounce back’, some taxpayers who deferred payments of Income Tax & VAT will remain in default and, some people took fast and easy government loan finance with no plans to ever repay it. Coronavirus has left the UK, like many other nations, with a massive debt legacy. Parliament is currently pursuing the issues via the House of Commons Public Accounts Committee (PAC).

Hello,

You may have thought that the Autumn Budget was a bit dull, but this week we aim to brighten up your professional life with some really useful new tax guides.

HMRC have issued their Agent Update for November 2021. We have summarised the key content for you with links to our detailed guidance on the topics covered. 

Hello,

This week we have a guide to the Plastic Packaging Tax; according to the policy background to this new tax, it aims to provide a “clear” economic incentive for businesses to use recycled plastic in the manufacture of plastic packaging. Whether this tax is going to make any difference to the vast amount of plastic that is created on a daily basis remains to be seen. At this stage it's one small step in the right direction.

Hello,

This week we review the new consultation documents on corporate re-domiciliation and change of basis periods, we have warnings that 'cuckoos' are using accountants' office addresses for company registration, and there are signs that HMRC has been using its data-gathering powers to trawl cryptocurrency exchanges for details of customers with a large transaction history.