SME Tax News

The Department for Education has announced structural changes to student loans, including a reduction in the repayment threshold, a longer repayment term, lower interest rates and the stripping out of poor quality courses.

The Office of Tax Simplification (OTS) has published 'Property Income Review Scoping Document', this review aims to identify opportunities to simplify the taxation and administration of individuals, partnerships and micro-companies that receive residential rental income.

In John Hargreaves v HMRC UKUT 00034, the Upper Tribunal (UT) remade a decision of the FTT, dismissing an appeal against discovery assessments. The appeal had been made on the basis that HMRC's discovery was stale however the Supreme Court quashed that concept in another case, Tooth. The UT was obliged to follow the reasoning of the higher court and then consider the discovery on its own merits.

The Office of Tax Simplification (OTS) has issued a new policy paper 'Simplification issues affecting tax agents and other intermediaries'. It considers HMRC’s agent strategy and the barriers faced by paid agents and those who are appointed informally to act on behalf of a taxpayer.

Missed our SME Tax Web-updates in February? Here is a summary of the month.

In February 2022, HM Treasury published 'Online sales tax: Assessing an option to help rebalance taxation of the retail sector'. It asks whether using indirect taxation is a viable alternative to business rates.

HMRC have published new advisory fuel rates for company car drivers which apply from 1 March 2022. 

Gordon Brown, the former Prime Minister and Chancellor of the Exchequer, has been awarded an Honorary Fellowship of the Chartered Institute of Taxation (CIOT) for his outstanding contribution to taxation.