Hello,
This week we continue to explore optimising owner-director remuneration, we look at business start-ups, whether you are trading or acting as a landlord, and we have some new tax guides for pubs and brewers, new VAT briefs, further updates, tax cases and news.
The Chancellor, Jeremy Hunt, will present his Budget on 15 March and the Spring Finance Bill 2023 will be published on 23 March. Our rolling planner 2023 and budget update provide a useful summary of all the key tax measures so far proposed for April 2023 onwards.
HMRC’s latest ‘one-to-many’ letters, sent to some taxpayers, focus on the Super-deduction and whether capital allowances have been incorrectly claimed by companies.
The Public Accounts Committee's (PACs) 'Fortieth Report - COVID employment support schemes' is highly critical of both HMRC and HM Treasury in their poor efforts to recover fraudulently claimed COVID support.
In Muller UK & Ireland Group LLP & Ors v HMRC [2023] TC08742, the First Tier Tribunal (FTT) held that a Limited Liability Partnership (LLP) was related to all of its corporate members despite not being a 'company'. As a consequence, the relief claimed for the amortisation of Intellectual Property (IP) acquired from those companies was denied.
In The Executors of the estate of Peter John Linington & Anor v HMRC [2023] TC08717, the First Tier Tribunal (FTT) found that a reversionary interest in a trust was not excluded property. When the reversionary interest was assigned to another trust, this was a transfer of value for Inheritance Tax (IHT) purposes.
In Jeremy Coller v HMRC [2023] TC08738, the First Tier Tribunal (FTT) found the appellant, a leading venture capitalist, had a Domicile of Origin in the UK. He was unable to claim the remittance basis of taxation.
In Timothy Norton & Tim Norton Motor Services Ltd v HMRC [2023] UKUT 00048, the Upper Tribunal (UT) found that cars were made available to a director and subject to Benefit In Kind charges despite being untaxed and a declared SORN.
The government has extended the voluntary National Insurance contribution deadline again, from 31 July 2023 to 5 April 2025. This gives taxpayers more time to fill gaps in their records to maximise their future State Pension benefits.
Hello,
This week we consider how landlords can cheaply top up their entitlement to the State pension and we have new CPD covering the taxation of couples. We review HMRC's Stamp Duty Newsletter from HMRC and a couple of case reports which show what happens when professional advice goes wrong. We also have updates on capital gains reporting and the tax treatment of compensation received by postmasters.