Following the Bank of England’s announcement on 3 November 2022 that the base rate would rise to 3%, HMRC interest rates will also increase by 0.75%, to 5.5% for late payment interest and 2% for repayment interest, from 22 November 2022.
SME Tax News
Hello,
With news that HMRC is launching a campaign targeting non-compliance by offshore companies who own UK property, we are focusing on the tax compliance issues for offshore property owners, directors and landlords this week.
The Government has announced the details of how the Energy Price Guarantee will work for Northern Ireland. The support given will be equivalent to that received by domestic use customers in Great Britain.
HMRC has released its latest report showing how it has performed against the HMRC Charter during 2021. In all areas reviewed there have been no improvements since 2020.
In Cobalt Data Centre 2 & 3 LLP v HMRC [2022]EWCA Civ 1422 , the Court of Appeal (CoA) disallowed investors expenditure under the Enterprise Zone scheme. A 'Golden Contract' was said to extend the relief period, however the Court found that the contractual amendments totally changed the original plans and tax relief was denied.
The Office of Tax Simplification (OTS) has published its report ‘Property income review: simplifying income tax for residential landlords’. This explores the common complexities, issues, and concerns facing individual taxpayers with property businesses.
Hello,
The new Chancellor of the Exchequer, Jeremy Hunt, has decided to put back the third 'fiscal event' of this autumn to 17th November, transforming it into the annual occasion that we had all been expecting, an Autumn Statement accompanied by a report from the Office of Budget Responsibility (OBR).
HMRC has issued the official property income statistics for 2020-21 which indicate a decline in the number of private landlords and highlight the high costs of financing buy to let properties.
HMRC have published their interim evaluations of the COVID-19 CJRS and SEISS schemes. These have been followed by the Public Accounts Committee (PAC) who have launched an inquiry entitled COVID-19 Employment Support Schemes which will also review their effectiveness.
In Asertis Limited v Mr Dale Heathcote and Servico Contract Upholstery Limited [2022] EWHC 2498 the High Court found that a company director was not liable to repay contributions to an EBT after his company went into liquidation. They were properly authorised and justifiable as remuneration.