SME Tax News

In Northern Gas Networks Ltd v HMRC [2022] EWCA Civ 910, the Court of Appeal (CoA) found that Land Remediation Relief was not available to a company as its continued pumping of gas through ageing pipelines had contributed to the contamination.

Missed our SME Tax Web-updates in June? Here is a summary of the month.

The annual review of the Investing in Women Code shows that significant steps have been made in increasing lending to women entrepreneurs in 2021 but that the percentage of women-led business applying for funding remains behind all-male founder teams.

There are signs that the Treasury’s Women In Finance Charter could be losing momentum. For the first time in six years of operation, the percentage of females at the top of financial institutions has remained flat at just 33% in 2021 compared to 2020. 

Despite registering to vote and voting in equal numbers to men, women still only make up only one-third of MPs in the House of Commons and even fewer are standing Peers in House of Lords.

The government has launched a call for evidence, ‘Developing a tourist accommodation registration scheme in England’ as part of its ‘Tourism Recovery Plan’. This seeks to explore the benefits and challenges presented by the rise in short-term and holiday letting as seen in England over the last 10 to 15 years. 

In Ruhal Islam v HMRC [2022] TC08513, the First Tier Tribunal (FTT) upheld the appeal against discovery assessments imposing almost £300,000 in tax. It was on the basis that the till receipts that formed the assessment, using the presumption of continuity, were actually fabricated to increase the value of the business for a potential sale.

HMRC have released a new consultation, 'Raising standards in tax advice: protecting customers claiming tax repayments'. It seeks views on ways in which HMRC can legislate to protect taxpayers from the conduct of some unscrupulous tax repayment agents.