Happy New Tax Year!
The start of the new tax year often provides the impetus for new business start-ups. This year, it may be more a case of re-starting if you have been forced into COVID-19-induced hibernation. If you are re-starting or just planning, the government has just published details of its new range of restart grants and recovery loan funding.
US President Joe Biden's new tax administration has shown its hand on the future of the taxation of multinational companies: a minimum international corporate tax rate in exchange for a national sales tax.
The government intends to have large businesses notify HMRC when uncertain tax treatments have been adopted within a tax return. The consultation is now closed and a summary of the responses has been published.
In HMRC v Comtek Network Systems (UK) Ltd [2021] UT 008, the Upper Tribunal (UT) allowed HMRC’s appeal against the First Tier Tribunal (FTT) decision allowing an appeal against Follower Notice (FN) penalties.
In Build-A-Bear Workshop UK Holdings Limited v HMRC [2021] UKUT 0067, the Upper Tribunal (UT) heard both the appeal and cross-appeal, finding that the First Tier Tribunal (FTT) erred in law when applying Customs Duty classification rules.
Hello
The Easter weekend is typically the time when a lot of properties are newly listed on the market. To this end we have been updating our Stamp Duty Land Tax (SDLT) guides for potential buyers as we try to answer your latest, most frequently asked questions (FAQs).
Missed our SME Tax Web-updates in March? Here is a summary of the month.
HMRC have published a response to their 2018 consultation ‘The Taxation of Trusts: a review’ which considered if the system for taxing trusts meets the principles of transparency, fairness, neutrality, and simplicity. The conclusion is that no comprehensive reform is currently required.
In (1) David Hyman and Sally Hyman (2) Pensfold (3) Craig Goodfellow and Julie Goodfellow v HMRC [2021] UKUT0068 the Upper Tribunal (UT) considered the definition of residential property and determined that residential rates of Stamp Duty Land Tax (SDLT) should apply to the purchase of three different properties that all included substantial plots of land.
In Inmarsart Global Ltd v HMRC [2021] UKUT0059, the Upper Tribunal refused a claim to Capital Allowances for the launch costs of leased satellites. The assets did not ‘belong’ to the taxpayer in the way that the legislation required.