The UK government responded swiftly to support business as COVID-19 swept across the globe. For the UK, schemes such as the Coronavirus Job Retention Scheme and the Self-Employed Income Support Scheme provided a lifeline to many, as did the loan support schemes, extensions to tax reliefs and tax payment deadlines.
But as we emerge from the pandemic, what of the aftermath and how much have we learnt? Anita Monteith, ICAEW’s senior tax policy adviser, suggests her top five tax policy tips.
TAXline, June 2021
Answering the call to modernise the tax system
This editorial considers HMRC’s call for evidence looking at the legislation, processes and guidance underpinning the administration of taxes and duties. The indications are that the aim is to build a system digital from transaction, through processing and reporting, taxing the profit and paying the tax, with everything happening closer to real time.Read now
COVID-19 support grants tax considerations
The government’s COVID-19 financial support schemes give rise to a number of tax issues, separate from the rules that apply to the schemes themselves. This TAXguide, prepared by the Tax Faculty, covers the CJRS and SEISS and is available to all ICAEW members.Read now
Accounting for coronavirus government support schemes under FRS102
Issued by ICAEW’s Technical Advisory Service (in collaboration with the Financial Reporting Faculty) this helpsheet helps members preparing accounts under FRS 102 to account for some of the support schemes available for businesses from the government in light of COVID-19.Read now
Anita has a particular interest in tax matters affecting SMEs and is closely involved with online filing developments. In her time at ICAEW she has been seconded to the government’s Treasury Select Committee and appointed Specialist Adviser to a House of Lords Committee. She is a member of the Tax Professionals Forum which reviews the government’s policy making process.
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