Due to the exceptional circumstances that many industries and organisations are facing during the COVID-19 pandemic, HMRC has updated its guidance on repayments of corporation tax. Claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has concluded will now be considered. Having previously raised the issue with HMRC, the Tax Faculty of the Institute of Chartered Accountants in England and Wales Read More….
It has been revealed that HM Revenue & Customs (HMRC) has refunded more than half a billion pounds in overpaid tax since the pension freedom rules were introduced in 2015. Designed to give people more control over their finances, the rules allow over-55s to withdraw money from their defined contribution pension pots as and when they want. But according to new data, the taxman has overcharged pensioners by £600.4 million Read More….