SME Tax News

The Chancellor, Rishi Sunak, has announced that Budget 2021 will be held on 3 March 2021.

Hello

This week we have a new Agent and Trusts update, along with updates on a range of other guides; however, as it is tax return time, we also revisit some old classics. We review some tribunal decisions which illustrate just why you need to be extremely careful with dates and deadlines in tax.

In Smith Homes v HMRC [2020] TC7914, an attempt to use an Overpayment relief claim to try and facilitate a late claim for SDLT relief failed to extend the statutory deadline for amending a claim in a return. The claim invalidated HMRC's enquiry process but the First Tier Tribunal (FTT) unravelled the resultant mess and found for HMRC.

HMRC have opened a new consultation ‘Follower Notices and penalties‘ inviting views on proposed changes to penalties that may be charged to people receiving Follower Notices as a result of using avoidance schemes.

HMRC have confirmed that where an employer reimburses an employee for the cost of a Coronavirus test, that reimbursement will be exempt from Income Tax and National Insurance.

A Christmas quiz 

Set by one of our tax experts, this annual Christmas Quiz is considered one of the toughest around and so has been renamed 'That evil quiz'. It's worth entering because the winner will get a free VTaxP Toolkit of 2021. The choice of toolkit is yours. Details at the bottom.