As part of its National Data Strategy, the government has launched a consultation, 'Data: a new direction' on reforms to create a pro-growth and trusted data regime.
SME Tax News
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All change in the world of tax this week as the Treasury reverts back to holding two Budgets in a year, and the Prime Minister announces election-manifesto-breaking tax rises.
In September 2021 the prime minister announced a 1.25% rise in National Insurance Contributions (NICs) and dividend tax from 6 April 2022. As the dust settles, it becomes clear that the tax rises are wider-reaching measures than they first appeared.
In Diane Nice and Ron Robinson v HMRC [2021] TC8228, the First Tier Tribunal (FTT) found that the market value of shares gifted to charity was 46.5p and not £1.05 per share (as claimed for Income Tax relief), after considering and dismissing conflicting expert witness statements.
In Smallman & Sons Limited, Lisa Garrity & Brian Garrity v HMRC [2021] TC8242, the First Tier Tribunal (FTT) held that Income Tax and Class 1A National Insurance was due on cars leased by the employer company but paid for by the directors using them. There was no carelessness, so the four-year time limit applied and some liabilities and penalties fell out of charge.
The Department for Work and Pensions (DWP) has published a new consultation ‘Strengthening The Pensions Regulator's Powers: Notifiable Events (Amendments) Regulations 2021’ which seeks views on changes to the type of events that trustees and employers are required to notify to The Pensions Regulator (TPR).
HMRC have announced that they will be issuing current and former members of the Eclipse Film Partnerships an opportunity to settle their outstanding tax issues without being pursued for additional dry tax.
From 6 April 2023, HMRC removed the concession that treated all Associate Dentists as self-employed. Instead, they will have to use the ordinary tests for employment to determine whether they are employed or self-employed.
The Scottish Government has announced a call for evidence seeking views on its draft Framework for Tax which explains the approach to tax policy for the new session of the Scottish Parliament.
The government has suspended the triple lock formula for annual state pension increases, limiting this year's rise to 2.5%. Should the triple lock have been maintained, the post-pandemic rise in average earnings would have seen pensions increasing by 8%.