The Court of Appeal ended a couple's attempt to claim stamp duty land tax under a deceptively simple sub-sale relief scheme. The scheme just did not work. A company incorporated to purchase a property and then transfer it to its individual owners by way of a capital reduction did not avoid any tax as the subscription price of their shares formed consideration for the property.
SME Tax News
New research shows that 40% of HMRC's list of deliberate tax defaulters are involved in engineering and construction. Gross Payment Status (GPS) is conditional on tax compliance, new Construction Industry Scheme (CIS) registration tests apply from 6 April 2024.
HMRC have launched a new call for evidence ‘The Tax Administration Framework Review: enquiry and assessment powers, penalties, safeguards’. This explores wide-ranging possibilities for reform, with an emphasis on simplification and modernisation.
In Gareth Evans vs HMRC [2023] TC08946, the First Tier Tribunal (FTT) found that information requested by HMRC in regards to Mr Evans's use of a tax avoidance scheme was 'reasonably required' to assess his overall tax position.
HMRC has published a response to its consultation ‘Simplifying and modernising HMRC's Income Tax services through the tax administration framework’. Several improvements and legislative changes are planned to promote a 'digital by default' approach and improve systems around tax codes.
HMRC published another Employer Bulletin this February, we have summarised the key points including benefits and payrolls, and added some extra details and links where we think it will be useful to do so.
HMRC have issued their Agent Update for February 2024. We have summarised the key content for you with links to our detailed guidance on the topics covered.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 March 2024.