In a statement to MPs today, new financial secretary to the Treasury Lucy Frazer has confirmed that the introduction of Making Tax Digital (MTD) for income tax will be delayed by a year. The quarterly digital reporting for landlords and the self employed was due to start in 2023, but it will be pushed back … Read more
Tax gap remains low at 5.3% for the 2019/20 tax year. The annual Measuring Tax Gaps publication estimates the difference between the total amount of tax expected to be paid and the total amount of tax actually paid during the financial year. The majority of taxpayers pay the tax that is owed. This year’s estimated … Read more
Statutory Sick Pay: how different employment types affect what you pay. All employees, and certain groups of workers, are eligible for Statutory Sick Pay (SSP) as long as they meet the other qualifying conditions. These groups are classed as employees for the purposes of SSP. Casual, short-term and zero hour contracts Individuals who are classed as … Read more
Temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1 October Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was to ensure that viable businesses affected … Read more
The Government has confirmed there will be tax increases to cover the cost of social care and health care. The Prime Minister’s plans to tackle the Covid backlog, reform adult social care, and to bring the health and social care system closer and more sustainable for the long term have been released. £36 billion will … Read more
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