HMRC have recently published research that explors the impact of record-keeping behaviour change in response to Making Tax Digital for VAT. The findings indicate that experiences of the costs and benefits varied considerably.
SME Tax News
Hello,
This week we report on a new tax, take a closer look at property ownership and trading styles, and what works best when running a business, as a sole trader or via a company? Late payment interest rises again and you can still book for our latest Tax Work-out.
The Department for Work and Pensions (DWP) has published a 'Call for evidence, Second State Pension age review'. It seeks views on what metrics should be considered when setting the State Pension age.
The Department for Environment, Food and Rural Affairs (DEFRA) has issued responses to its consultation, ‘Direct Payments to farmers: Lump sum exit scheme and delinked payments in England’, outling the state support which will replace the existing direct payments to farmers.
In Jason Callen v HMRC [2022] TC8392, a tax adviser who copied and pasted tax return entries on the advice of a tax scheme promoter without further independent thought on the merits of those entries, was careless. His actions allowed Discovery tax assessments by HMRC.
Following the Bank of England’s recent announcement increasing the base rate, HMRC have announced that their late payment interest rate will also increase by 0.25% to 3% from 21 February 2022.
In Mumtaz Hussain v HMRC [2022] TC8366, the First Tier Tribunal (FTT) denied a claim for Private Residence Relief (PRR) on the sale of a former hospital. The taxpayer had not occupied the property as his main residence.
Missed our SME Tax Web-updates in January? Here is a summary of the month.
In Christopher Drake v HMRC [2022] TC08377, the First Tier Tribunal (FTT) found that a deposit lost on the acquisition of a lease that did not complete did not result in an allowable loss for Capital Gains Tax (CGT) purposes.
Hello,
Having filed the last set of outstanding Self Assessment returns, February is a time to get 'tax fit' with our Virtual Tax Partners' Tax Workouts.