On 23 March 2021, the UK government held its first-ever ‘Tax Day’ whereby it published a series of tax documents and consultations. It is all a part of a move to strengthen policymaking and to help create a more “trusted, simple and modern tax system”.
Did you know that you will be liable to a 5% penalty in addition to interest charges if your tax is paid more than 30 days late?
New rules are coming into effect in 2020 meaning that all express trusts will need to be registered, whether or not they are liable to UK tax.
HMRC has confirmed that the current rules on trade, travel, and business will continue to apply until the end of the Brexit transition period on 1 January 2021.