The Government have announced that they will permit businesses to carry back losses for up to three years.

HMRC is changing the way taxpayers interact with them in a project called making tax digital (MTD).

The Chancellor announced that taxes would have to rise, but not quite yet, as all tax rates except for VAT are frozen for 2021-22.

Larger companies may have opted to wait until April 2023 before making major investments in plant or machinery to achieve tax relief of 25% on those costs following the increase in the corporation tax rate.

The UK tax system is due an overhaul to streamline and digitalise the administration processes.