Despite rising uncertainty due to the newest wave of the coronavirus, HMRC has made it clear that it is no longer making exceptions (for instance, by pausing tax investigations) as it did during the early days of the pandemic. 2022 will likely see a clampdown on taxation of digital assets, increased targeting of non-domiciled individuals, and the continuation of investigations into furlough fraud. April 2022 will also see a number of new, tougher tax regulations coming into effect, such as more severe measures relating to IR35 off-payroll working rules and a new VAT system making the penalties for late payments and filing more consistent with other taxes. Tax advisers will have a crucial role to play in ensuring their clients are not caught off-guard.
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Despite rising uncertainty due to the newest wave of the coronavirus, HMRC has made it clear that it is no longer making exceptions (for instance, by pausing tax investigations) as it did during the early days of the pandemic. 2022 will likely see a clampdown on taxation of digital assets, increased targeting of non-domiciled individuals, and the continuation of investigations into furlough fraud. April 2022 will also see a number of new, tougher tax regulations coming into effect, such as more severe measures relating to IR35 off-payroll working rules and a new VAT system making the penalties for late payments and filing more consistent with other taxes. Tax advisers will have a crucial role to play in ensuring their clients are not caught off-guard.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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