The Institute of Chartered Accountants in England and Wales (ICAEW) has published its response to the proposed changes to Research and Development (R&D) tax relief, in which it makes a number of observations and recommendations.
SME Tax News
The government's new Energy Bill Relief scheme provided help for business customers in Great Britain from 1 October 2022 to 31 March 2023. This is replaced with the Energy Bills Discount Scheme from 1 April 2023 until 31 March 2024.
In Anthony Calcutt v HMRC [2022] TC08582, the First Tier Tribunal (FTT) a self-employed taxpayer and landlord failed to provide sufficient information to displace tax assessments and suffered 60% tax penalties as a result.
The Chancellor Kwasi Kwarteng is expected to deliver a mini-Budget on 23 September 2022.
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As the country is in a period of national mourning we have a very short news update this week, with mainly freeview content for you.
In Raj Sehgal and Sanjeev Mehan v HMRC [2022] TC 8581, the First Tier Tribunal (FTT) found that arrangements which resulted in a non-UK entity settling a UK-based indemnity did not represent a taxable remittance for the taxpayers.
In Gallaher Limited v HMRC (Case C-707/20), the Advocate General to the CJEU decided that the UK group asset transfer rules were justified in restricting the EU Freedom of Establishment and the lack of ability to defer the tax payment was not disproportionate given that consideration was received.
In the Great British Takeaway v HMRC [2022] TC8584, a fish and chip shop failed to overturn a sizeable VAT assessment, including tax penalties levied at 50% of lost tax. The business's owners failed to convince HMRC that it had a reliable daily till reconciliation process and witness evidence proved unreliable and inadmissible.
The Energy Price Guarantee (EPG), introduced in October 2022, applies to domestic electricity and gas consumers. The Chancellor announced further changes in the Autumn Statement 2022 and Spring Budget 2023. The guarantee is in place until March 2024.
We are most saddened by the death of Her Majesty Queen Elizabeth II and we share our deepest condolences with the Royal Family and all her friends throughout the world. She was the most remarkable woman whose achievements, over such a very long reign will surely be impossible for anyone to ever mirror. She devoted nearly her whole life to the service of the UK and brought together a Commonwealth. We are all most grateful to her for all that she achieved, her extremely good humour, stoicism and statesmanship.