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.
SME Tax News
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.
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.
A publishing company's Research & Development (R&D) claim was rejected by the First Tier Tribunal (FTT). The company was unable to demonstrate that its projects made any advance in science or technology, nor could it evidence how the expenditure claimed was directly related to the projects that it did carry out.
HM Treasury has published ‘Anti-money laundering and countering the financing of terrorism: Supervision Report 2022-23’ which details supervisory and enforcement data for 2022-23, including the number and value of fines issued.