HMRC’s recent suspension of IHT investigations during the Covid-19 crisis opens up a brief opportunity for executors to get their IHT accounts in order. HMRC normally investigates around 5,500 IHT cases every year, around 25%…
Empty baskets: calculating inflation under lockdown
The disappearance of normal spending habits has created problems for the statisticians who calculate the rate of inflation. Source: Office for National Statistics Inflation, as measured by the Consumer Prices Index (CPI), fell sharply in…
Deferring July’s income tax payment
HMRC is allowing your second self-assessment payment due on 31 July 2020 on account for the tax year 2019/20 to be deferred, due to the Covid-19 pandemic. This means no interest or penalties will be…
Time to look at an alternative tax?
The adoption in the UK of a transatlantic approach to income tax could appeal to a cash-strapped Chancellor. “…only the little people pay taxes.” That 1980s comment by the New York Hotel owner Leona Helmsley…
Revised furlough scheme stretched through October
The Covid-19 furlough scheme has been effectively revised into a new scheme running from 1 July until 31 October, but this comes with a level of complexity that did not exist in its original guise.…
Calling time on the triple lock?
The state pension triple lock may not survive much longer. The impact of Covid-19 on earnings could mean a change in the way that state pensions are increased in each year. If nothing is done,…
Consumer credit Covid-19 measure extended
Help for consumers to manage their credit and debt has been extended to the end of October. In mid-June, the Financial Conduct Authority (FCA) told firms to extend measures to provide help to people with…
Card tax payments to incur charges
When making tax payments to HMRC, you are currently only charged a fee if you pay by business credit card, while payments by personal credit card are not permitted. However, from 1 November 2020, payments…
Breaking News
A quick update on the operation of the Coronavirus Job Retention Scheme (CJRS) previously opined on (see our blog xxx). HM Treasury has announced directions on the modification of the scheme effective i.e. the cut-off…
Furlough scheme to be tapered from August
On 12 May, the Chancellor announced changes to the operation of the Coronavirus Job Retention Scheme (CJRS) and set out details on how the scheme will operate as people return to work. The good news…