Postmasters receiving compensation payments from the Post Office Process Review scheme and the Suspension Remuneration Review scheme will be exempted from Income Tax, National Insurance Contributions and Capital Gains Tax.
SME Tax News
HMRC are asking for your views in relation to a technical consultation for the proposed new Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024. The consultation closes on 10 June 2024.
Former Chancellor Nadhim Zahawi has revealed he paid nearly £5 million to HMRC to settle outstanding tax bills and fines for carelessness. His figures reflect our analysis concerning his offshore tax and trust published in January last year.
The Central London County Court has set aside a will after finding it had been completed when a now-deceased individual was under undue influence from the defendant.
Despite not meeting the criteria, the taxpayer's claim for post-cessation trade relief was granted. If HMRC had issued its notice of intention to enquire within time, the claim would have been invalid.
Hello,
We continue to delve a little deeper into Basis Year Reform this week, adding extra FAQs and examples to our guides. We also have updates for partners and partnerships who may well want to consider changing their accounting periods for reporting to simplify tax reporting under the new tax year basis of assessment.
In a rare update to its Employer Travel guide, HMRC have included some new examples of travel expenses with ordinary commuting and hybrid workers following post-pandemic changes to employee working patterns.
In an unusual case, two individuals found themselves subject to an assessment for Capital Gains Tax (CGT) in respect of an option granted but never exercised. They escaped a tax charge because on analysis of the agreements for the future purchase of property, the FTT found that they were just agreements and no option had been granted.