Hello,
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.
SME Tax News
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.
In Benjamin Cohen v HMRC [2023] TC8717, the First Tier Tribunal (FTT) found a property occupied for 10 days was not an only or main residence for SDLT purposes. Higher rates of SDLT were due on the purchase of a further property as it was not the replacement of an only or main residence.
Following the Bank of England’s announcement on 2 February 2023 that the base rate will rise to 4%, HMRC interest rates are also increasing by 0.5%, to 6.5% for late payment interest and 3% for repayment interest, from 21 February 2023.
Hello,
Everyone that I have spoken to in the last couple of weeks has said that January has seemed busier than usual. Comparing notes, some of you have reflected that this was due to the knock-on effects of Covid, with many businesses and their owners struggling to get back to normality due to the combination of supply-side shortages, recruitment issues, and owner and staff sickness. Now that Self Assessment returns are all filed, there is, however, little time for introspection: it's time to start planning for the tax year-end. What do you need to consider?
HMRC say that they will block access to the Agent Services Account (ASA) if an agent fails to respond to queries about who supervises them for Anti-Money Laundering (AML) regulation purposes.
In Gain Capital Limited v HMRC [2023] TC8703, the First Tier Tribunal (FTT) dismissed an appeal against Regulation 80 determinations totalling £2.6m in respect of gifts made to former employees: they were taxable as earnings.
In HMRC v Third Party and Taxpayer [2023] TC8706, the First Tier Tribunal (FTT) approved the issue of third-party information notices to a law firm in respect of property transactions. The information requested was not protected by privilege or impinged the individual’s human rights as they were reasonably issued.