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- E3 Consulting wins 'Best Independent Tax Consultancy Firm'
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- Nowhere to hide for Furnished Holiday Let owners
- 100% Full Expensing made permanent
- SPA Clay Shoot 2023
- We are exhibiting at UKREiiF 2023
- Welsh Freeports - The two winning bids are...
- Chancellor announces Full Expensing
- 100% Tax relief confirmed for two Scottish Green Freeports
- Making Your Furnished Holiday Lettings More Profitable
- Happy New Year 2023
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- The Chancellor’s ‘Mini Budget’ – A Tax Bonfire!
- HM Queen Elizabeth II
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- Green light for Freeports
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- And the winner is...
- Cavernous divide in ‘plant’ arguments
- And the finalists are…
- E3 Consulting puts property tax on the radar
- Help E3 Consulting grow in a nurturing environment
- Spring Statement 2022 – Real Estate & Construction Update
- E3 joins the dots with Building People
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- Navigating choppy waters
- E3 helps GPs go green with trailblazing surgery
- CIL – New Research Lays Bare Planning Cost
- Webinar success as spotlight shines on Super-deduction
- CIL appeal win saves householder £22,000
- Business Analyst Flo joins E³
- Budget Day Autumn 2021
- Firing on all cylinders
- LRTR Boost your Tax Savings & Unlocking Toxic Land
- CIL by Numbers!
- Shining the legal spotlight on capital allowances
- UPDATE: 130% Super-deduction to be available for landlords
- Specialist speakers announced for CIL webinar panel discussion
- Happy 18th birthday…to us!
- Land remediation myths cleared up at conference
- E³ Consulting – 18th anniversary
- Tax Day 23 March 2021 … over hyped & under whelming!
- Super-deduction…super insight from E³ Consulting’s webinar
- Budget 2021 – Update – Super Deduction
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- Success at the JCI UK National Convention 2017
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Tax Day 23 March 2021 … over hyped & under whelming!
Tax Day 23 March 2021 … over hyped & under whelming!
The Government had initially billed Tax Day as the day that they would set out their medium to long term tax strategy. The reality was much less than expected, although still marked by publication of over 30 documents, ranging from new consultations and discussion documents to interim reports, calls for evidence and summaries of previous responses!
There were about 30 areas announced, focussed across these three key areas:
- Tax administration
- Tackling non-compliance
- Other tax policies
Modernising Tax Administration
This section included the Government exploring whether income tax self-assessment payments should be changed from twice a year to quarterly or even monthly, and whether smaller companies should be paying corporation tax more frequently as the ‘Making Tax Digital’ program extends from VAT across the wider tax spectrum. These measures include a requirement for businesses and landlords with an income of £10K per annum which are liable to Income Tax will need to maintain digital records and use software to make quarterly returns to HMRC from April 2023.
Tackling non-compliance
A new ‘re-energised’ focus on tax abuse – albeit the Government continue to reference tax avoidance. This included measures on ‘Clamping down on promoters of tax avoidance’ as well as ‘Raising standards in the tax advice market’ through a consultation around proposal for a standard definition of tax advice together with a mandatory requirement that tax advisers hold professional indemnity insurance. Other measures include Tackling disguised remuneration tax avoidance, Preventing and collecting International Tax Debt. Many of these consultations run over the next few weeks and months help to refine the tax legislation and move the ‘noise’ of research, investigation and consultations away from Budget day.
Other tax policies
A wide range of additional measures, minor tweaks and longer term reviews and consultations were also included within this ‘Other’ category. They included, amongst others, business rates review and particularly in respect to tightening the rules on Furnished Holiday Lettings (FHLs), Air Passenger Duty, a new Residential Property Developer Tax in 2022 – to help pay for Aluminium Composite Material (ACM) cladding remediation further to the Grenfell Tower tragedy. The Government also announced that it will conduct a review of the effectiveness of The Office of Tax Simplification (OTS) as required by the Finance Act 2016. Lastly it highlighted further changes to pension tax, Superfunds and trusts as well as Aggregates Levy and Landfill Tax; Carbon Emissions Tax being negated by the implementation of a UK Emissions Trading System, numerous VAT adjustments and a technical amendment to the Structures & Buildings Allowances (SBA) to improve the clarity of data captured on the required SBA statement to reduce the risk of ‘overlapping’ tax relief by subsequent owners.
Contact Us
If you have any queries in respect to Tax Day and how any of the issues raised may impact you or your real estate projects & transactions, then do get in touch.