Following my previous article (penalties for failure to file returns on time, Sch 24, Finance Act 2021), I now look at the next set of penalties in Finance Act 2021. Schedule 25, Finance Act 2021 addresses penalties applicable when a taxpayer fails to provide HMRC with sufficient information to raise assessments when the person has not submitted a tax return. The reason for this legislation seems to be that the new points system for failure to file returns on time does not allow for different levels of behaviour and also to further penalise any deliberate behaviour. Unless stated otherwise ..read more

‘Tis the season of goodwill to all, and at LWA we’re giving you all the information you need on the tax benefits and implications that apply to giving gifts to your employees and to your family over the festive season and up to the next tax year. Read more in our blog below ..read more

The new penalty regime replaces instant late filing penalties and aligns the VAT and income tax penalty regimes. The legislation allows HMRC to issue penalty points if returns are submitted late. Depending on the type of return, a taxpayer can gather more points before being issued with a financial penalty ..read more

On Wednesday 27th October 2021, the Chancellor, Rishi Sunak, announced the autumn Budget with the overall theme of delivering “a stronger economy for the British people”. LWA’s Corporate & Personal Tax team have summarised the key points from the announcement below ..read more

The Statutory Sick Pay Rebate Scheme for Covid-related statutory sick pay (SSP) payments to employees closed on 30th September 2021. You have until 31st December 2021 to submit any final claims, or to amend claims you have already submitted. Check if you’re eligible to claim back in our blog below ..read more

As the Paralympic Games conclude with team GB winning more medals than any nation but China, Robin Williamson reflects on steps taken by legislators over the past three decades to level the playing field for disabled people, and focuses on the particular contribution made by the tax system ..read more

In August, the Office of National Statistics (ONS) announced that the UK spent £38.5 billion on research and development activities in 2019, with the business sector making up 67% of this expenditure. This overall 3.4% increase year on year, has resulted in a rise of so-called ‘Tax Advisors’ misinforming and mis-representing clients. Subsequently, consultations between HMRC and the National Audit Office have concluded that future R&D tax relief claims will be coming under increased scrutiny. Read our blog below to ensure you do not get caught out ..read more

Initially announced in the Spring Budget earlier this year, the Government has implemented an Extended Loss Carry Back measure which will allow businesses to make claims to carry back losses incurred, for a further two years than current rules allow. If your business has been affected by losses since 1 April 2020, then read on below to see if you can claim ..read more

With Covid-19 restrictions eased for gatherings, many couples have resumed their postponed plans to get married this summer, and hopefully looking forward to getting away on honeymoon! For other couples still in a cohabiting partnership, it may well be worth considering getting married or formalising a civil partnership, not just because lockdown has made you realise how much you love each other, but the many financial advantages to both parties ..read more

Robin Williamson discusses an important consultation published on L Day ..read more