Aug 4, 2020 | Business Tax
Online marketplaces should be liable for the collection and remittance of VAT, according to a tax group. Chancellor Rishi Sunak is considering introducing a new 2% tax on goods sold online in a bid to boost struggling high street retailers. Alternatively, the...
Jul 22, 2020 | Business TaxGovernment Announcements
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. From April 2023,...
Jul 17, 2020 | Business TaxPersonal Tax
The number of self-employed people in the UK has seen a record decrease in the last few months, data from the Office for National Statistics shows. Estimates for March to May 2020 showed a total of 4.85 million people were self-employed - a decrease of 178,000...
Jul 16, 2020 | Business TaxPersonal Tax
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...
Jul 15, 2020 | Business Tax
A temporary cut to the standard rate of VAT for businesses in the food, drink, hospitality and tourism sectors has come into force. Chancellor Rishi Sunak used last week's economic update to announce the measure, which reduces the main rate from 20% to 5% until 12...
