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Looking ahead – What does 2023 hold for the Financial Services sector?

After two years dominated by the pandemic, 2022 was a year of political and economic turmoil, with Russia’s invasion of Ukraine, COVID-19 variants, rising interest rates, inflation at a 40-year high and uncertainty abounding. All of these persist into 2023, but Melanie Pittas, Partner and Co-Head of Financial Services, considers the other key topics likely to prevail in the new year under a new, “new normal” and has listed the top six of these matters to watch out for below.

Insights
25th January 2023
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HMRC
Conservative Party Chair HMRC tax settlement: Analysis

As widely reported in the mainstream media, Nadhim Zahawi, the current Conservative Party Chair and former Chancellor of the Exchequer has reached a settlement with HMRC. This was in respect of Capital Gains Tax relating to disposals of shares in YouGov, the polling company which was co-founded by Mr Zahawi in May 2000. The amount is […]

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Tax Disputes & Resolutions
24th January 2023
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VAT and prompt payment discounts: TalkTalk Telecom v HMRC

In December 2022, the First-tier Tax Tribunal released its judgement in the case of TalkTalk Telecom Ltd v HMRC. The case was in relation to a VAT assessment for £10.6m, which arose because HMRC believed that VAT should have been accounted for on prompt payment discounts.

Insights
VAT
17th January 2023
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Tips, Gratuities and Service Charge

Unlike most payments an employee will receive, with some careful planning, it is possible for the allocation of tips, gratuities, and service charge in a National Insurance (NI) efficient way. The following provides a high-level summary of the points you must consider, whether you have a tronc scheme in place or are thinking about introducing […]

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Employment Tax
16th January 2023
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Help employees get to work
A winter of discontent: what employers can do to help employees get to work

With the likelihood of further train strikes, many employers must be wondering what they can do to help employees to continue to come to work, especially where working from home is not a viable option.

Insights
Employment Tax
9th January 2023
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Making Tax Digital for Income Tax delayed to 2026

On 19 December 2022, the government announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) has been further delayed by two years and will now take effect from April 2026. The government recognises the challenging current economic environment, and that the transition to MTD for ITSA represents a significant change for […]

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Tax
6th January 2023
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