The Welsh government has published its response to the consultation ‘Reforming Non-Domestic Rates in Wales’. It now intends to move forward with the development of the proposals.
SME Tax News
Recent weeks have seen a spate of one-to-many letters being sent by HMRC to taxpayers. HMRC's latest campaigns target Research and Development Tax Relief, undeclared income from short-term property letting, and individuals exceeding the Business Asset Disposal Relief (BADR) lifetime limit.
In Onuchika Eleonu v HMRC [2023] TC8726, the First Tier Tribunal (FTT) dismissed an appeal against penalty notices. None of the excuses offered for the taxpayer's errors were 'reasonable'.
In Thomas William Good v HMRC [2023] EWCA Civ 114, the Court of Appeal (CoA) found that a taxpayer who assigned his income from a film scheme income to another, remained taxable on the underlying income: as he was still entitled to receive the income as he had retained a benefit.
In The CBD Flower Shop Limited v HMRC [2023] TC8724, HMRC tried to make a late amendment their statement of case in a VAT appeal, they challenged the legality of cannabidoil (CBD) sales. The First Tier Tribunal (FTT) blocked the application: the late amendment would have prejudiced the taxpayer's case.
It was announced in Autumn Statement 2022 that the government would not proceed with the introduction of an Online Sales Tax (OST). HM Treasury's newly published response to its earlier consultation reveals why the proposed new tax was rejected.
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This week we are continuing to focus on practical tax planning guides and checklists ahead of the year-end, while our review of decisions from the tax tribunals has yielded some cases on topical subjects. Don't miss the news headlines too.
Our 2023 range of Practical Tax Year-End and Accounting checklists cover individuals, in their private capacity and their business interests. They make essential reading for any business owner or adviser.
Research by the BBC and Transparency International suggests that some 18,000 of the estimated 50,000 Offshore Entities that own UK land and property have failed to meet the 31 January 2023 deadline to register with Companies House under the UK's new Register of Overseas Entities rules.
In Paul Harrison v HMRC [2023] UKUT 00038, the Upper Tribunal (UT) considered a challenge to the Supreme Court's dismissal of the principle of staleness. It found that whilst the Supreme Court in Tooth had opined as obiter dicta, there was an intention to create a binding precedent. The appeal was dismissed.