SME Tax News

HM Treasury have published the responses to the 'Cryptoasset promotions' consultation, along with further detail on how the government intends to regulate cryptoasset promotions.

The Scottish Government has released the summary of responses to their consultation, 'Tax policy and the Budget – a framework for tax'. This details stakeholder feedback on how the Scottish Government could enhance its approach to tax policy over its next parliamentary session.

Hello,

Many VAT registered businesses will be very pleased to note that the introduction the new (and horribly complex) VAT points-based, late-penalty regime is being deferred until next January. The delay is being blamed on IT development at HMRC's end. I just hope that the new system carries with it some adequate safeguards to allow taxpayers to check that penalties are applied accurately, to report errors and even to appeal. 

In Wind Energy Renewables LLP v Revenue Scotland [2022] FTSTC 1, the First Tier Tribunal for Scotland (Scottish FTT) held that Closure Notices cannot be unilaterally withdrawn by the tax authorities. Consequently, the subsequent assessment was invalid.

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

A new report, 'Levelling Up and Zeroing In', by the Centre for Policy Studies says the Government can level up and decarbonise the economy simultaneously by introducing a carbon border tax, alongside a selection of other policies. 

 

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