SME Tax News

In Gerald and Sarah Lee v HMRC [2022] TC 8502, the First Tier Tribunal (FTT) allowed an appeal for Private Residence Relief (PRR) for a replacement property. The calculation of the relief was by reference to the ownership of a dwelling house rather than the land on which it was built.

HMRC have issued their Agent Update for June 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered. 

In Cry Me A River Limited v HMRC [2022] TC08507, the First Tier Tribunal (FTT) held that the production of a single film and engaging sub-contractors did not stop the appellant from meeting the SEIS risk to capital criteria. 

HMRC has released a National Insurance Contributions (NICs) tool which claims to provide an estimate of how changes to the NICs Primary Thresholds from 6 July 2022 will affect the amount of NICs that individual taxpayers will pay. It is of extremely limited application to practical situations.

In Beadnall Copley Ltd v HMRC [2022] TC8508 the First Tier Tribunal (FTT) denied corporation tax deductions for the amortisation of goodwill. It had not been acquired from the sole trader’s partner prior to incorporation and was pre-2002 goodwill.

The All-Party Parliamentary Loan Charge and Taxpayer Fairness Group (APPG) has launched a call for evidence from advisers with clients affected by the loan charge.

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 0.25%, to 3.75%, from 5 July 2022.

Four professional bodies have written to HMRC following record numbers of complaints from their members. It is clear that the joint professional bodies have become totally exasperated with HMRC's poor service levels and an ongoing lack of communication and engagement.