HMRC have doubled the levy on single-use plastic bags to 10p following the results of the consultation 'Single-use carrier bags: extending and increasing the charge'. It will apply to all retailers who have over 250 employees.
SME Tax News
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This week we have a mixed bag with a new guide for brewers, microbrewers and gin makers, updates to several of our capital allowance guides, some interesting cases and latest Coronavirus tax news.
HMRC have now upgraded the system to enable reports of second and additional disposals of UK residential property to be made online. Previously, only the first disposal in a tax year could be reported online.
It has been reported that employers and agents who have submitted forms P11D and P11D(b) on time are receiving penalty warning letters from HMRC.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 September 2020. Most remain unchanged from the rates applicable for the previous three months.
HMRC have warned employers that those using its template to upload their CJRS information should make sure the data are in the correct format. If not applications may be rejected.
HMRC have started the next phase of compliance activity on the Coronavirus Job Retention Scheme (CJRS). It has written to around 3,000 employers it believes may have been overpaid. A penalty and tax liability could arise if any overpayment is not repaid in time and there is a failure to notify HMRC about it.
In HMRC v Parry and others [2020]UKSC 35, the Supreme Court found that a pension scheme transfer was not a transfer of value subject to IHT but not taking lifetime benefits from the scheme was.