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 are not a subscriber, subscribe now to read this content.
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 are not a subscriber, subscribe now to read this content.
.tmb-editorspic.jpg?sfvrsn=df04ab27_1)
