The governmen has published a report of its evidence and analysis on the enforcement of the national living wage (NLW) and national minimum wage (NMW) during the 2021/22 financial year. The report indicates that £16.3 million in NLW/NMW arrears was identified for over 120,000 workers, and HMRC issued nearly 700 financial penalties, totalling £13.2 million,

When accountants or other interested parties refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs. However, the word “profits” can prove to be a moveable feast as HMRC, banks and traders will likely have a different interpretation. For example, do costs include:

The General Anti-Abuse Rule (GAAR) came into force in July 2013 as part of the Governments multi-pronged attack to tackle artificial and abusive tax avoidance arrangements. The GAAR aims to challenge tax abusive arrangements without damaging the overall competitiveness of the UK as a place to do business. The GAAR applies to corporation tax (and amounts

A new review designed to boost the employment prospects of autistic people has been launched by the government. The Buckland Review of Autism Employment, to be led by Sir Robert Buckland KC MP, will consider how the government can support employers to recruit and retain autistic people and reap the benefits of a neurodiverse workforce.

Two changes affecting the treatment of aggregate extracted in the course of construction came into effect on 1 April 2023. Firstly, the exemption for aggregate, which is returned, unmixed, to the site from which it was won will be limited to certain circumstances. Secondly, a new exemption has been introduced for aggregate arising unavoidably as

The government has launched a review of the current whistleblowing framework. The review will gather evidence on the effectiveness of the current whistleblowing regime in enabling workers to speak up about wrongdoing and protecting those who do so. The review will seek views and evidence from whistleblowers, key charities, employers and regulators, and this evidence-gathering

The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating to the use of an asset over its lifetime. The adjustment

It was confirmed as part of the Spring Budget announcements that the Social investment tax relief (SITR) scheme will end as planned on 5 April 2023. New investments made on or after 6 April 2023 will no longer qualify for Income and Capital Gains Tax relief. The scheme was initially introduced to encourage individuals to

Businesses registered for VAT in the UK are able to account for import VAT on their VAT return. This is often referred to as postponed VAT accounting. For most businesses, this means that they can declare and recover import VAT on the same VAT return. The normal VAT recovery rules apply regarding VAT that can be reclaimed

As expected, the Chancellor, Jeremy Hunt, resisted pressure to reduce taxes in any significant way, and the majority of his announced changes were already in the public domain. According to the Chancellor, the UK economy is on track to grow in the coming year with inflation halving. We have listed any new variations in the