HMRC are now actively pursuing incorrect and fraudulent grant claims made under the coronavirus job retention scheme (CJRS) for wages of furloughed employees.

The self-employed income support scheme (SEISS) grants were welcomed when they were distributed during the Covid-19 pandemic. Each recipient had to meet three conditions:

Your business probably pays several different taxes to HMRC: corporation tax or income tax; VAT; and PAYE all at different intervals. If the tax payment is not correctly accounted for by HMRC and set against the right tax account for your business an erroneous tax debt may arise.

Currently if you pay your VAT bill late you may receive a penalty of up to 15% of the late paid amount, even for a one-day delay. The Government agrees that this is harsh, so it is reforming the late-payment penalties for VAT periods starting on or after 1 April 2022.

Filing VAT returns using making tax digital (MTD)-compatible software will be compulsory for all VAT registered traders for periods beginning on or after 1 April 2022 unless HMRC agrees that the taxpayer is exempt.

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

Capital gains tax (CGT) is normally payable by 31 January following the tax year in which you sold the asset. This can give you up to an extra 22 months to hold on to the full proceeds.