Many taxpayers will be unable to file their Self Assessment returns online for the year ended 5 April 2022 due to software specification issues from HMRC. The list of filing exclusions as at 31 May 2022 has recently been published.
SME Tax News
Hello
We have a slightly shorter newswire this week due to the bank holidays but still lots of interesting new content and updates to our guides.
In JTI Acquisition Company (2011) Limited v HMRC [2022] TC08493, the First Tier Tribunal (FTT) found that the appellant was party to a loan relationship purely to gain a tax advantage. As such the loan had an unallowable purpose and the associated interest payments amounting to over £40 million were disallowed.
In David Hackmey v HMRC [2022] TC8487, the First Tier Tribunal (FTT) partially allowed an appeal against a Schedule 36 information notice. The information requested was not reasonably required to satisfy HMRC’s remaining suspicions of fraud.
Missed our SME Tax Web-updates in May? Here is a summary of the month.
HMRC have issued a press release warning new homeowners about cold calls from repayment agents advising them to make spurious Stamp Duty Land Tax (SDLT) refund claims.
In Michael Breen v HMRC [2022] TC08482, the First Tier Tribunal (FTT) dismissed an appeal against late filing penalties finding that a debilitating fear of making a mistake was not a reasonable excuse for the late filing of tax returns.
HMRC has released 'Research Report 646: Customer readiness for Making Tax Digital for Income Tax Self-Assessment (ITSA)'. The research found that whilst four in ten taxpayers surveyed recognised the benefits of the new rules, and thought complying would be easy, six in ten were either not engaged in the process or had concerns.
Hello
This week we have news 'hot off the press' on the Chancellor's 'windfall' tax measures, the third in our series of guides about selling a company, a Capital Taxes round up, and a selection of updates and interesting case reports.
The Chancellor Rishi Sunak has today announced a raft of support measures to deal with the rising costs of living including a temporary windfall tax for oil and gas companies and extra payments to low-income families.