Hello,
This week we have news of a new tax campaign, some new tax consultations, a case update on family partnerships and new VAT guides.
SME Tax News
HMRC have confirmed that a number of current issues involving the filing of Corporation Tax returns will be solved on 16 September when an update to the Corporation Tax online service is rolled out. Issues ranging from claiming the extended AIA to R&D SME tax credits have meant some companies have been unable to file online as yet.
The Department of Health and Social Care (DHSC) has opened a consultation, 'NHS Pension Scheme: proposed amendments to continue the suspension of restrictions on return to work'. It seeks views on extending the suspension of tax charges on pension income.
In The Magnet Partnership v HMRC [2022] TC8570, the First Tier Tribunal (FTT) held that payments made from a trading partnership to ‘family partnerships’ to utilise the tax-free personal allowances of family members were not allowable deductions. The expenses were not incurred and even if they had been, they were not incurred wholly and exclusively for the trade.
The Scottish government's tax statistics show that while non-North Sea tax revenues increased by 13.6%, its actual percentage deficit was double the level of the rest of the UK
Moneymail has submitted a file to HMRC's consultation on protecting taxpayers from unscrupulous revenue repayment claims companies. The paper said it named nearly 20 companies for dubious behaviour based on examples from readers.
In Burlington Loan Management DAC v HMRC [2022] TC08572, the First Tier Tribunal (FTT) found that whilst the ability to reclaim UK Income Tax withheld at source on interest payments dictated the price of a debt claim, taking advantage of the Treaty exemption was not the main purpose of the acquisition.
HMRC have published responses from their 2021 consultation ‘Reporting rules for Digital Platforms’ which considered the implementation of the new Organisation for Economic Co-operation and Development (OECD) Model Reporting Rules for Digital Platforms.
Missed our SME Tax Web-updates in August? Here is a summary of the month.
Hello,
We are forecasting record numbers of tax penalties for late filing of residential Capital Gains Tax (CGT) returns as statistics reveal that taxpayers (and their agents) have not fully understood the new filing requirements. We have created a new guide to CGT penalties which explains the basics for you. Penalties can soon mount up and it's important to remain vigilant for reportable events. If in doubt, ask your accountant!