Accountants say their clients have more flexibility in being able to offset
trading losses against their tax bills, but would like more HM Revenue Customs
to exercise more scrutiny.
The Telegraph reported
that £2 billion in business and personal taxes has been deferred since the HMRC
launched its business payment support service in November.
The period over which losses incurred this year has been extended in the
Budget to be offset against taxes on profits made during 2007 and 2008.
Smith & Williamson national tax director Richard Mannion praised the HMRC
for offering his clients added flexibility, but thinks the Revenue should ask
for more evidence that the business is struggling to meet its tax liabilities.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group