HOUSE OF LORDS ECONOMIC AFFAIRS COMMITTEE FINANCE BILL SUB-COMMITTEE REPORT
The Economic Affairs Finance Bill Sub-Committee was appointed by the House of Lords in
this session “to consider the draft Finance Bill 2019.”
It is right that everyone should pay their fair share of tax. But the evidence that we heard over the course of our inquiry suggests that the IR35 rules the Government’s framework to tackle tax avoidance by those in ‘disguised employment’—have never worked satisfactorily, throughout the whole of their 20-year history. We therefore conclude that this framework is flawed.
HMRC ANNOUNCE THAT SELF ASSESSMENT CUSTOMERS WILL NOT BE CHARGED LATE PAYMENT PENALTIES
Today HMRC has announced that Self Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1‌‌ April. The ...
UK GOVERNMENT ANNOUNCES PAY RISE FOR MILLIONS OF PEOPLE
Millions of UK workers to receive increase in pay from April 2021 following rise in the National Minimum Wage and National Living Wage. Published 26 November 2020 Around 2 millio ...
CHANCELLOR WARNED CONSTRUCTION VAT PLAN RISKS RECOVERY
Chancellor Rishi Sunak is being urged to abandon VAT changes which could cause a cash-flow crisis across construction. The Construction Leadership Council is hoping for a last-minute reprieve ahead of ...
GOVERNMENT SET TO WRITE OFF ESTIMATED £31BN OF PANDEMIC LOANS
An estimate of £31bn of government loans handed out during the pandemic will have to be written off, according to the UK’s spending watchdog. In its latest Covid-19 Cost Tracker, the Natio ...
SELF-EMPLOYED GIVEN EXTRA MONTH TO FILE TAX RETURN FINE-FREE
HMRC will not levy a late fine on those who file their tax return by 28 February 2021. The deadline to submit a self-assessment tax return is usually 31 January, and late penalties are usually applied ...
RISHI SUNAK SET TO EXTEND FURLOUGH SCHEME PAST APRIL
Rishi Sunak is reportedly set to extend the government’s furlough scheme beyond the end of April in his 3 March Budget. The chancellor is drawing up plans to extend the £82bn scheme into t ...