But do you have to send HMRC all the information they’ve asked for?

You’ve received the letter from HMRC announcing they are enquiring into your tax return.  HMRC will typically say what concerns them – a certain transaction or potentially omitted income or capital gain – and you’re into the first round of correspondence.

Bearing in mind our recent post about furlough fraud, the chances are that there’s more than a few people who will be facing an HMRC inquiry in the coming months.

We’re in the process of updating our website, and as part of that process, we’ve had cause to reflect on our values as a firm and what we think makes us different. These things are never particularly easy to articulate but, in our case, we believe that it’s a combination of factors, which include our understanding of what matters to our clients, the depth of our expertise, our approach when it comes to collaborating with other professionals and the long term relationships we take the time and trouble to establish.

Will it be guilty until proven innocent?

Financial support has been provided at an unprecedented level by the Government during Covid-19, and one of the most popular support mechanisms has been the Coronavirus Job Retention Scheme (“CJRS”).  By the end of June, 9.3 million employees of 1.1 million employers had been furloughed under CJRS at a cost of £25.5 billion to the Treasury.

Some might say this is not a difficult question, but in a lesson learnt, the Yorkshire and England cricketer Adil Rashid has experienced a “googly” to rival one of his own from HMRC.

Protecting your wealth from Inheritance Tax

Investing in commercially operated woodlands is a way to protect your wealth from inheritance tax with other tax benefits too.  They are claimed to deliver impressive financial performance.

Notwithstanding the current pandemic, the Government’s ongoing agenda to reduce the tax gap, currently estimated to be £35bn in the latest HMRC annual report, is being enhanced by investing in additional compliance officers and new technology for HMRC, and expects to raise a further £4.7 billion in tax. In this post, we focus on how this may affect you.

Although the employment landscape has changed significantly since the most recent Budget in March this year, it is important to review and remember the basic provisions outlined by the Government in respect of Employment Tax.

Having already reviewed the provisions of the recent Budget in respect of private clients, in this post we’ve focussed on the measures outlined in respect of Business Tax.