Hello,
This week we take a closer look at the tax incentives provided to help us reduce our CO2 emissions. HMRC has a new Employer Bulletin, tax film schemes reach the Court of Appeal, and our tax conference tickets go on sale.
SME Tax News
In Ingenious Games LLP & Ors v HMRC [2021] EWCA Civ 1180, the Court of Appeal (CA) overturned the ruling of the Upper Tribunal that the LLP film and video game tax scheme partnerships were not trading and undertaken with a view to profit, although the original claims for losses were still denied.
In Ladson Preston Limited, AKA Developments Greenview Limited v HMRC [2021] TC08197, the First Tier Tribunal (FTT) held that planning permission was not capable of satisfying the requirement of being "in the process of construction" in order for Multiple Dwellings Relief (MDR) to apply.
HMRC have published their Employer Bulletin for August 2021. We have summarised the key content for you, with links to our detailed guidance on the topics covered.
Proposed changes to the basis period rules, which are currently being consulted on, could result in some self-employed businesses being mandated into Making Tax Digital for Income Tax sooner than expected.
India is scrapping its controversial 2012 tax amendment that allowed it to impose retrospective taxes on foreign companies' investments. It has also offered a $1 billion tax refund to the British company Cairn Energy that had successfully begun to seize Indian-state assets internationally.
Hello,
If you have been confused by the 'off-payroll working' rules then do not fret, it appears, from their newly published accounts, that neither the Home Office nor the Department of Work & Pensions got the hang of them either.
The Department for Work and Pensions (DWP) and Home Office 2020-21 accounts reveal that their failure to test employment status of workers and to apply the public sector Off-Payroll Working rules cost them £117m. HM Revenue & Customs (HMRC) also charged the Home Office a 4million penalty for error. This was later suspended.
In North Point (Pall Mall) Limited & China Town Development Company Limited v HMRC [2021] TC8205, the First Tier Tribunal (FTT) dismissed appeals against determinations for tax not deducted under the Construction Industry Scheme (CIS). The contractors had failed to take reasonable care by making gross payments to their sub-contractor without checking their status.
The government has opened bidding in the first round of funding under the Community Ownership Fund. £150 million is being provided over four years to support community groups take ownership of assets and amenities at risk of being lost.