HMRC have published new advisory fuel rates for company car drivers which apply from 1 June 2023.
SME Tax News
Jersey, Guernsey and the Isle of Man have jointly agreed to adopt the 15% global minimum tax rate, as set out as part of the OECD's Pillar two.
HMRC is urging employees that they can claim for employment-related expenses directly from the Gov.uk website each year. Currently 70% of claimants are using repayment agents, who often take a hefty cut of any tax refund due.
The Department for Business and Trade has launched a call for evidence ‘Smarter regulation non-financial reporting review’ which explores the costs and benefits of producing non-financial information and whether the company size thresholds remain appropriate.
In Peter Marano v HMRC [2023] UKUT 113, the Upper Tribunal (UT) found that the First Tier Tribunal (FTT) had failed to consider both notification of a capital gain and also the date when tax was paid and when deciding whether any 'special circumstances' could mitigate Late Payment penalties under Sch 55 FA 2009.
In Robert Williams v HMRC [2023] TC08820, the First Tier Tribunal (FTT) found that it had no jurisdiction to consider HMRC’s refusal of a negligible value claim that was not in the form required by HMRC.
Existing shipping companies and groups have a new opportunity to elect into the Tonnage Tax regime for Corporation Tax between 1 June 2023 and 30 November 2024.
The Institute of Chartered Accountants in England & Wales (ICAEW) is moving away from the Continuing Professional Development (CPD) 'output-based' model, where members self-assess their needs to complete an amount of CPD appropriate to their role, to a model which sets a minimum number of hours including a minimum number of hours that are 'verifiable' depending on your role as an accountant.
In Dr Harry Nduka v HMRC [2023] TC8818, the First Tier Tribunal (FTT) denied claims for employment expenses. The items in question were not necessarily required for use in performing the duties of the doctor’s employment.
The new mandatory online filing of P11Ds may cause problems with HMRC’s systems where the agent filing the forms is not also the agent for PAYE and Real-time Information (RTI). HMRC have provided a workaround.