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HMRC begins ‘Eat Out to Help Out’ compliance checks November 25, 2020

HMRC has started writing to 4,000 businesses in the hospitality sector requesting them to verify their claims made under the government’s Eat Out to Help Out scheme. The compliance checks are part of an effort to recover money paid out in error, HMRC said. Treasury figures revealed that more than 84,700 food and drink establishments
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£1 million Annual Investment Allowance cap extended for a year November 25, 2020

The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy. The AIA provides a tax write off against profits for expenditure incurred on plant and machinery by businesses and owners
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Wealth gap widening as result of coronavirus pandemic, research suggests November 23, 2020

Research carried out by think tank the Centre for Enterprise, Markets and Ethics (CEME) has suggested that the UK’s wealth gap is widening as a result of the ongoing coronavirus (COVID-19) pandemic. Around a third of individuals now have less than £1,500 in savings, the CEME found. In the three months to September, 314,000 workers
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Current CGT regime ‘fit for purpose’, says ICAEW November 23, 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) has stated that there is ‘no need’ to overhaul the current capital gains tax (CGT) regime. In its response to a review of CGT carried out by the Office of Tax Simplification (OTS), the ICAEW concluded that ‘the scope and boundary of CGT is generally
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HMRC confirms MTD for corporation tax to be mandated from 2026 November 23, 2020

In a new consultation HMRC has confirmed that Making Tax Digital (MTD) for corporation tax (CT) (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how the principles created for MTD could be established for companies within the charge to CT. It outlines the potential design of the MTD
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