In his Autumn Statement 2022, the Chancellor, Jeremy Hunt, announced an increase to the Energy Profits Levy on oil and gas companies together with a new temporary Electricity Generator Levy.
SME Tax News
The Chancellor, Jeremy Hunt makes his 2022 Autumn Statement, this is the third fiscal event or budget, in the UK's parliament in as many months. Our live highlights of the speech as below.
Follow this link for: our Autumn Statement: At a glance summary
With inflation running at over 10% tax revenue is increased freezing most tax thresholds with the exception of higher rate taxpayers who see the higher rate threshold drop down to £125,140. There are reductions in allowances for dividend tax and CGT too.
In Timothy Watts v HMRC [2022] TC08634, the First Tier Tribunal (FTT) found a tax avoidance scheme involving gilts did not work. The claimed Income Tax loss of £1.35m was reduced to £6,300.
In Clive Kingdon, Terry Stead & Anne Kingdon v HMRC [2022] TC08633, the First Tier Tribunal (FTT) allowed an appeal against assessments which increased taxable partnership income following the incorporation of the business. The date of transfer was earlier than HMRC contended and the profits belonged to the company, not the partners.
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This time we are looking at UK landlords and the tax issues for different types of taxpayers who want to claim relief for accommodation costs. We have updates on rises in tax interest rates and details of HMRC's new range of tax disclosure campaigns.
The Income Tax Self Assessment 31 January 2023 filing and payment deadline is rapidly approaching. HMRC note an increase in individuals using its Time to Pay (TTP) facility. The facility allows taxpayers to pay tax in instalments. Taxpayers must make a TTP with HMRC before the deadline for tax payment passes.
On 22 September 2022, the government announced a reversal of the 6 April 2022 1.25% increase in National Insurance rates, with effect from 6 November 2022, or as soon as payroll systems can be changed, if later.
HMRC is making use of its data-gathering powers to harvest data from a range of online sources as it opens a stream of new 'nudge' campaigns targeting different types of taxpayer. HMRC has the power to request bulk data in the form of lists of users of suppliers and their customers from websites and app platforms.
Missed our SME Tax Web-updates in October? Here is a summary of the month.
In Christian Peter Candy v HMRC [2022] EWCA Civ 1447, the Court of Appeal (CoA) found that the 12-month amendment window could not be extended to recover Stamp Duty Land Tax (SDLT) where a contract was incomplete beyond that date.