Specialist Tax Regulatory Materials
The National Audit Report (NAO) has published a report on how HMRC has managed the collection of tax debt through the pandemic 鈥� in particular, whether it has adapted sufficiently to the changing nature and scale of that debt and the wider circumstances that affect taxpayers鈥� ability to repay tax, and whether it is likely to have sufficient capacity in the future.
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
Incentives, awards and prizesIntroduction 鈥� incentives, awards and prizesEmployers may use a variety of methods to reward and encourage employees in their work. These are commonly known as incentives, awards or prizes. For the purposes of this note, the term 鈥榓ward鈥� will be used to cover all
Parking provision and expensesCar parking facilities at or near to the employee鈥檚 workplaceThere is an exemption from tax and NIC where an employer provides parking, or pays for or reimburses an employee for the costs associated with car parking at or near the place of work; there are no reporting
Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.
