In Martyn Arthur and Denise Arthur v HMRC [2022] TC08539, the First Tier Tribunal (FTT) found that unexplained payments made to company shareholders should be subject to tax as self-employment income and not PAYE.
SME Tax News
The former Chancellor of the Exchequer, Nadhim Zahawi, has been under pressure to explain whether £26m in unsecured loans received by himself and his wife from a family trust are, in fact, capital receipts that he should have declared for UK Capital Gains Tax, or taxable as income under the Transfer of Assets Abroad rules.
HMRC have issued their Agent Update for July 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
It has taken the government four years to publish 'Employment status consultation: government response', it was barely worth the wait. To date, a large number of the recommendations of the 2017 Taylor Review of Working Practice have been ignored.
HMRC have published the outcome of the consultation, 'Helping taxpayers get offshore tax right'. The March 2021 consultation sought views on how to improve offshore tax compliance and prevent mistakes. It formed part of HMRC's 'No Safe Havens 2019' strategy.
Hello,
The government has published policy papers and draft legislation with its new proposals for the 2022-23 Finance Bill. You may have heard of some of the new measures but as always in tax, 'the devil is in the detail'.
Wednesday was Legislation Day 'L-day' when the government published some of the draft legislation and consultations that will form Finance Bill 2022-23. Key highlights include measures to relax the CGT rules for divorcing couples, and for LLPs and Scottish partnerships, the tax treatment of farmers' Lump Sum exit schemes, reforms to net pay pensions, tax relief on homes for Ukraine and changes to Research & Development relief.
HMRC’s ‘L-day’ policy paper 'New tax checks for licence renewal applications in Scotland and Northern Ireland' proposes that the existing tax checks for taxi and scrap metal licence renewal which apply in England and Wales will be extended to Scotland and Northern Ireland.
As part of ‘L-day 2022’, HMRC has published a policy paper and draft legislation covering temporary reliefs from the Annual Tax on Enveloped Dwellings (ATED) charge and the 15% Stamp Duty Land Tax (SDLT) rate, where a dwelling is made available under the Homes for Ukraine Sponsorship Scheme. This also deals with making payments by the government to those taking in refugees tax-free.
HMRC have released a policy paper, 'Capital Gains Tax: Allowing relief on disposals of joint interests in land and private residences for limited liability partnerships and Scottish partnerships'. This seeks to ensure that these entities can claim the same reliefs as other partnerships.