An Introduction to the Tax System for the Self-employed

Data reveals significant decrease in inheritance tax receipts

AVASK Marketing Tax News

Data published recently by HMRC has revealed that there has been a significant drop in inheritance tax (IHT) receipts. According to the data, HMRC collected £5.2 billion in IHT during 2019/20. This represents a decrease of 4% (£223 million) on 2018/19. The data covers the 2019/20 tax year and is …

News and Information from AVASK about HMRC

HMRC sets up scheme for loan charge refunds

AVASK Marketing Business News, Tax News

HMRC has published details on its refund scheme for taxpayers who made voluntary payments of income tax or national insurance prior to a change in the rules regarding the loan charge. The loan charge, which came into effect on 6 April this year, applies to anyone who used ‘disguised remuneration’ …

News and Information from AVASK about HMRC

HMRC scraps benefit-in-kind charge on coronavirus tests

AVASK Marketing Business News, Tax News

The government has scrapped plans to get workers to pay income tax on coronavirus (COVID-19) testing kits purchased by their employer. HMRC issued guidance on 6 July which outlined that COVID-19 testing kits were to be classified as a taxable benefit-in-kind. However, the Treasury Select Committee criticised this decision and …

News and information from AVASK about HM Treasury, London, UK

VAT cut on PPE extended

AVASK Marketing Accounting News, Business News, Tax News, VAT News

The Treasury has extended the temporary scrapping of VAT on personal protective equipment (PPE) until the end of October. The decision comes after a temporary zero-rate of VAT was applied to PPE sales for an initial three months from 1 May to 31 July. The government previously removed import duties …