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Businesses claim late payments crisis deepens during lockdown
Almost two-thirds of small businesses in the UK experienced late or frozen payments as a result of the COVID-19 outbreak, a report has claimed. The Federation of Small Businesses (FSB) polled 4,228 small business owners during lockdown in April 2020 and found the...
Making Tax Digital to ‘apply to all VAT-registered traders by 2022/23’
Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced. Since April 2019, VAT-registered traders with annual taxable turnover above £85,000 have been submitting VAT returns through MTD, while other firms...
Capital gains tax under review as Treasury considers overhaul
The Government has called for a comprehensive review of the capital gains tax system. Chancellor Rishi Sunak has commissioned the Office for Tax Simplification (OTS) to review how asset sales are taxed. Capital gains tax applies on the sales of assets such as second...