SME Tax News


Late-payment interest increases, problems with P11D car benefits, a bizarre NICs calculator, a new Agent update and the First Tier Tribunal (FTT) appear to provide some DIY-builders with a new planning opportunity, all in all, just another week in tax!

HMRC has issued draft legislation for consultation for the new temporary Energy (Oil and Gas) Profits Levy which was announced last month.

The ICAEW has issued a warning over potential inaccuracies in the Benefit In Kind (BIK) charge as calculated by HMRC's online P11D and P46(car) forms. HMRC calculators are incorrectly allocating high CO2 emissions and issuing charges that are higher than the correct figures.

In Gerald and Sarah Lee v HMRC [2022] TC 8502, the First Tier Tribunal (FTT) allowed an appeal for Private Residence Relief (PRR) for a replacement property. The calculation of the relief was by reference to the ownership of a dwelling house rather than the land on which it was built.

HMRC have issued their Agent Update for June 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered. 

In Cry Me A River Limited v HMRC [2022] TC08507, the First Tier Tribunal (FTT) held that the production of a single film and engaging sub-contractors did not stop the appellant from meeting the SEIS risk to capital criteria. 


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