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.
SME Tax News
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.
In James and Charlotte Averdieck v HMRC [2022] TC 8623, the First Tier Tribunal (FTT) ruled that the maintenance obligations a public right of way put on the landowners were insufficient to render the purchase mixed use and subject to lower non-residential rates of Stamp Duty Land Tax (SDLT).
The Chancellor Jeremy Hunt has announced that the Medium term fiscal plan scheduled for 31 October 2022 has been delayed until 17 November 2022 and upgraded to a full Autumn Statement.
31 October is the deadline for filing your tax return if you wish to make a paper filing for the 2021-22 tax year. Filing by paper after this deadline can lead to a penalty.
Hello,
It has been another busy week in tax and politics as the new Chancellor Jeremy Hunt reversed most of his predecessor’s remaining mini-budget policies in his first Fiscal Statement on Monday.
HMRC have published their Employer Bulletin for October 2022. We have summarised the key content for you, with links to our detailed guidance on the topics covered.