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HMRC Business Enquiry/ HMRC Corporate Enquiry

Accounting Insight

A large business tax enquiry / corporate tax enquiry is carried out by HMRC’s ‘Large Business’ directorate and ‘Wealthy & Mid-sized Business Compliance’ directorate. This calls for increased resources being required at the business’ end (i.e. more people and time resources and so costs too).

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2022 Federal Budget Highlights

DMCL

Introduction of a Multigenerational Home Renovation Tax Credit. Budget 2022 introduces the Multigenerational Home Renovation Tax Credit which will allow families to claim a 15% tax credit up to $50,000 in renovation and construction costs. Introduction of the Critical Mineral Exploration Tax Credit (CMETC).