Hello,
As we gear up for Making Tax Digital (MTD) for Income Tax, one question many are asking is whether or not it would be easier for us to end the tax year on a sensible date, such as 31 March, or maybe, as so many other countries do, make it 31 December, the end of a calendar year. The Office of Tax Simplification (OTS) is exploring the issue in a new review.
US President Joe Biden has given an $80 billion boost to the US Internal Revenue Service budget in the expectation that enhanced tax compliance is a better way of increasing tax revenue than raising tax rates.
Finance Ministers from the G7 countries have all agreed a proposal for a minimum international Corporate Tax rate of 15% which will be combined with the ability of nations to tax the largest multinationals in the countries in which they operate rather than on the normal principles of corporate tax residence.
HMRC have published their Employer Bulletin for June 2021. We summarise the key content for you, with links to our detailed guidance on the topics covered.
In Mas Fabrics Hong Kong Limited v HMRC [2021] TC08097, the First Tier Tribunal (FTT) dismissed an appeal against penalties following the removal of an incorrect relief claim. The taxpayer had not taken reasonable care despite obtaining professional advice.
In Brandbros Limited v HMRC [2021] TC08126, the First Tier Tribunal (FTT) denied an SDLT refund claimed on the basis that a lease of a garage, purchased as part of a residential property transaction and entered into on the date of completion, rendered the transaction subject to lower non-residential rates of Stamp Duty Land Tax (SDLT).
In Roger Whitlock v HMRC [2021] TC08136, the First Tier Tribunal (FTT) held that the appellant had clearly under-declared income from his sole trader business in 2015/16. The fact that the pattern was repeated allowed 'the presumption of continuity' that enabled discovery assessments to be raised for the previous five years.
As for previous years, many taxpayers will be unable to file their Self Assessment returns for the year ended 5 April 2021 online due to software specification issues from HMRC.
The Office of Tax Simplification (OTS) has issued a policy paper ‘Potential for moving the end of the tax year - Scoping document’. It offers two options to replace 5 April as the end of the tax year, 31 March or 31 December.
Hello,
This week we take a closer look at the criteria for the sign up to the Making Tax Digital (MTD) for Income Tax pilot, we summarise details of the fifth Self-Employment Income Support Scheme (SEISS) grant and we report on some bad news for people with unsettled disguised remuneration loans.