In the light of recent high profile cases concerning the employment status of media personalities, HMRC have updated the Employment Status Manual (ESM). It now includes examples of different types of engagements and whether or not the individual would be considered to be employed in those circumstances.
SME Tax News
As taxpayers continue to work from home due to Coronavirus, we provide an update on tax relief available for the costs of homeworking.
In Robert Perlman v HMRC [2021] TC08168, the First Tier Tribunal (FTT) dismissed the taxpayer's appeal against Schedule 36 information notices finding that the information requested was reasonably required to check his tax position.
In Murphy & Anor v HMRC [2021] EWHC 1914 (Admin), the High Court on judicial review ruled that UK source income distributed to UK resident beneficiaries of a Non-resident discretionary trust must be paid within six years if credit is to be given for UK Income Tax paid by the trustees.
A five-year review of the Women in Finance Charter estimates that it is still going to take until 2033 before financial services achieve gender parity at the board and executive level. Based on current appointment rates there is little hope of ever seeing any women on the boards of hedge funds in this lifetime.
The government has released a summary of the responses to their 'Clamping down on promoters of tax avoidance' consultation and has issued draft legislation enacting the provisions.
HMRC have released a new tool ‘Check if you might need to pay Inheritance Tax’ to allow those dealing with deceased estates to work out the approximate value of the estate to help decide whether any Inheritance Tax (IHT) is likely to be due or not.
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This time we report on HMRC's proposals on reforming the tax basis year provisions, we review the other draft proposals for the next Finance Bill, there is another Agent Update and news of a new R&D fund, and for subscribers, a very timely 'What's new' for Capital Allowances.
HMRC have published a new consultation ‘Basis period reform’ alongside a policy paper and draft legislation that propose a simplification of the Income Tax rules for the self-employed by allocating trading profit to tax years regardless of the business’ accounting period end date.
In Charles Tyrwhitt LLP v HMRC [2021] UKUT 0165, the Upper Tribunal (UT) upheld the decision of the First Tier Tribunal (FTT) that found that bonuses awarded to five individuals whilst they were members of an LLP were in fact related to their former roles as employees. As such NICs amounting to about £1 million were due on the payments.