This week's opinion: 2 April 2020

31 March 2020

Issue: 4738 / Categories: Comment & Analysis

Time of unprecedented change in the tax world

It is starting to feel very real. Even last week, when we provided a general update on the implications of Covid-19, life seemed much like business as usual. But in the past week we have started to see family members and friends having to engage with the various tax support arrangements to try to work out how they will affect them and their loved ones. The word ‘furlough’ cropped up in three separate conversations I had today.

The past few days have seen unprecedented change in our tax system. Fundamental building blocks have been swept away, HMRC has had to turn itself into an organisation designed to give away money rather than collect it, and massive new delivery systems have had to be designed from scratch. There are lots of loose ends and nothing works as fast as we would like, but this is a time for tax professionals to come together, and acknowledge the work that has already been done and continues to be done in almost impossible circumstances.

We at Taxation will do all we can to help you keep on top of these often bewildering developments. In this issue we take a detailed look at the two main initiatives –those for employers and the self-employed – and we will try to keep you up to date between issues through the Taxation website. We would also urge you to bookmark the special Tolley Covid-19 microsite (https://covid19.tolley.co.uk) which brings together all of our technical analysis of the tax measures in as close to real time as possible.

When the crisis is over it will take months, if not years, to bring everybody’s tax affairs up to date and there will be a huge job for us in helping clients back on their fiscal feet. But, for now, all of us at Taxation wish you the best in dealing with unprecedented client demands.