The Scottish Government has released the summary of responses to their consultation, 'Tax policy and the Budget – a framework for tax'. This details stakeholder feedback on how the Scottish Government could enhance its approach to tax policy over its next parliamentary session.
SME Tax News
Hello,
Many VAT registered businesses will be very pleased to note that the introduction the new (and horribly complex) VAT points-based, late-penalty regime is being deferred until next January. The delay is being blamed on IT development at HMRC's end. I just hope that the new system carries with it some adequate safeguards to allow taxpayers to check that penalties are applied accurately, to report errors and even to appeal.
HMRC have issued their Agent Update for January 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Wind Energy Renewables LLP v Revenue Scotland [2022] FTSTC 1, the First Tier Tribunal for Scotland (Scottish FTT) held that Closure Notices cannot be unilaterally withdrawn by the tax authorities. Consequently, the subsequent assessment was invalid.
A new report, 'Levelling Up and Zeroing In', by the Centre for Policy Studies says the Government can level up and decarbonise the economy simultaneously by introducing a carbon border tax, alongside a selection of other policies.
What are the wider impacts of HMRC's late filing and late payment penalty waiver for 2020-21 Self Assessment returns?
The Public Accounts Committee (PAC) has issued a Call for Evidence on 'Lessons from implementing IR35 reforms'. With the reforms now taking effect in more sectors, the Committee will question senior officials at HMRC on what lessons have been learned from the public sector implementation of the IR35 reforms and seeks views from those affected.
The government have published a consultation 'Technical consultation: Uncertain tax treatment', which invites responses in relation to newly drafted HMRC guidance for the Uncertain Tax Treatment legislation which will come into effect on 1 April 2022.
In Ardeshir Naghshineh v HMRC [2022] EWCA Civ 19, the Court of Appeal dismissed a farmer’s sideways loss relief claims. The case should have failed for lack of evidence but in any event, based on the evidence which was available, the reasonable expectation of profit test was not met.
The government has published its response to the 2018 consultation ‘Business rates treatment of self-catering accommodation’ which considered options to strengthen the criteria for holiday lets to be liable for Business Rates.