Hello,
Well done to anyone managing to work in this heat! We have lots of updates for you this week, mainly for employers, trusts and Self Assessment return preparers.
SME Tax News
HMRC have published their Employer Bulletin for August 2022. We have summarised the key content for you, with links to our detailed guidance on the topics covered.
In HMRC v Keith Murphy [2022] EWCA Civ 1112, the Court of Appeal decided that a success fee and indemnity premium to be paid out of an employment-related compensation settlement were not deductible for PAYE. Neither cost was incurred necessarily in the performance of the employee's duties as a serving police officer.
HMRC have released further annual statistical updates covering Capital Gains Tax and Tax Relief. We summarise some of the key points, interesting figures and the costs of providing a range of tax reliefs.
Following the Bank of England’s recent announcement increasing the base rate, HMRC have announced that their late payment interest rate will also increase by 0.50%, to 4.25%, from 23 August 2022.
Hello,
This week we have a 'hybrid working' tax review, a call for evidence on tax reliefs, interesting statistics on Inheritance Tax (IHT), a look at some unusual global tax announcements and record fines for accountancy firms.
In HMRC v BlackRock Holdco 5, LLC [2022] UKUT 00199, the Upper Tribunal (UT) held that loan relationship debits claimed as part of an intra-group financing arrangement were wholly attributable to the unallowable purpose of the lending and not the commercial purpose and were denied.
A monthly side-ways look at tax news from around the world. This week we've got record national tax revenues, record billionaire tax avoidance, a Bali break and a lesson on how to get a Democrat to pay for a Republican tax cut.
Professional services firm KPMG has played a pivotal role making 2021-22 a record year in terms of the level of fines and sanctions issued by the Financial Reporting Council (FRC) to firms of accountants. Total fines for the year amounted to £46.5million, of which over half related to KPMG. Fines in the previous 12 months amounted to some £42m.
The Office of Tax Simplification (OTS) has published a scoping document examining the emerging trends and tax implications of hybrid and distance working.