Coronavirus antigen tests determine whether an individual has an ‘active’ case of coronavirus.1 While the Government has confirmed that, where an employer pays for or reimburses an employee for an antigen test this will not be treated as a taxable benefit, the exemptions are only tempo

These recommendations appear in the House of Lords Economic Affairs Committee Finance Bill Sub-Committee’s report, New powers for HMRC: fair and proportionate?1 published on 19 December.

The enhanced Time to Pay scheme was first announced back in September as part of the Chancellor’s Winter Economy Plan.1 It came after an earlier announcement which permitted those in self assessment to defer their July 2020 payment on account if they were finding it difficult to pay du

“Having considered the scope of section 264 ITEPA03 (annual parties exemption), we are pleased to confirm that the exemption will apply to the costs associated with virtual parties in the same way that it would for traditionally held, parties.

The extension of the temporary £1,000,000 AIA limit that is currently in place by a further year to 31 December 2021 means that businesses that incur significant amounts of capital expenditure on plant and machinery by that date will get tax relief on the cost much earlier than if the purchase is

Tina Riches, Chair of the Joint Association of Taxation Technicians (ATT) and Chartered Institute of Taxation (CIOT) Digitalisation and Agent Services Committee, said:

The Annual Exempt Amount allows an individual to make gains of up to a certain amount (currently £12,300 for the 2020/21 tax year) without paying CGT.

This is due to the anticipated fall in the Annual Investment Allowance (AIA) from £1 million to £200,000 on 31 December 20201.

The AIA allows businesses to offset fully the cost of qualifying capital items of plant and machinery against taxable profits.

By law, HMRC are required to have a Charter which must include standards of behaviour and values to which HMRC will aspire when dealing with people in the exercise of their functions.2 The Charter is significant because it should set the tone for a government department w