What a year! 2021 saw the government make many significant tax announcements as it aimed to revive the economy in the wake of the COVID-19 pandemic and the handing out of unprecedented levels of financial state aid. It was a year of total contrast for businesses and their owners.
SME Tax News
To ease COVID-19 pressures HMRC have announced that they will waive penalties for late filing and payment of 2020-21 Self Assessment returns and tax liabilities as long as returns are filed by 28 February and payments made by 1 April 2022.
In a recent press release, HMRC have confirmed that their Fraud Investigation Service (FIS) has collected over £1 billion from the proceeds and crime and tax offenders since it was established in 2016.
The Scottish Government has launched a call for evidence ‘The Land and Buildings Transaction Tax Additional Dwelling Supplement’ which seeks views on the operation of the Additional Dwelling Supplement (ADS).
In TR, SP and SR Rogers v HMRC [2021] TC08342, the First Tier Tribunal (FTT) found that legal expenses incurred by a partnership in defending a partner against a specific criminal charge were incurred wholly and exclusively for the purpose of the partnership’s trade.
In Christine Bradley v HMRC [2021] TC08344, the First Tier Tribunal (FTT) found that Class 3 National Insurance Contributions (NICs) paid in error should be refunded by HMRC.
The OECD has published further details for the Global Anti-Base Erosion (GloBE) rules that form part of Pillar Two of its ongoing work against Base Erosion and Profit Shifting (BEPS). These are the rules that aim to ensure a minimum global tax rate of 15% for all large Multi-National Enterprise groups (MNEs).
Missed our SME Tax Web-updates in December? Here is a summary of the month.
Hello,
This is our last newswire of the year. We have lots of useful news on new COVID-19 support, the Welsh budget and interest rate changes, together with case reports and updates. I am also very worried about Making Tax Digital (MTD) and the proposal for quarterly payment of Income Tax.