The Wealth Tax Commission has published ‘A wealth tax for the UK’ which calls for a one-off UK wealth tax of five per cent on assets above £500,000. It should raise over £260bn for public finances hard hit by COVID-19.
SME Tax News
Hello
My pick of this week’s freeview news is HMRC’s Employer Bulletin, it covers a wide range of issues. In terms of subcriber guides, we have a veritable feast for you.
HMRC's latest Agent Update confirms that the 100% First Year Allowances (FYA) for business cars, zero-emission goods vehicles and equipment for gas refuelling stations will be extended from April 2021 until April 2025 after all. The measure had been omitted from Finance Act 2020.
HMRC have published their Employer Bulletin for December 2020. We summarise the key content for you, with links to our detailed guidance on the topics covered.
HMRC's new campaign 'Spot the signs of tax avoidance' aims to raise awareness of tax avoidance schemes and highlights how to spot one and the negative effects of using one, in an effort to curb take up and promote reporting.
Self-employed individuals claiming the third Coronavirus grant under the Self-Employment Income Support Scheme (SEISS) may be unaware of important changes made to the qualifying criteria for the grant.
In Ryden Contractors Limited v HMRC [2020] TC07937, the First Tier Tribunal (FTT) rejected an appeal against Corporation Tax late filing penalties. Whilst there had been reasonable excuse, this did not explain the still outstanding return.
HMRC have issued a reminder as to what can be claimed under the Coronavirus Job Retention Scheme (CJRS) in light of the upcoming holiday season.
In Waterside Escapes Ltd v HMRC [2020] TC7881, Stamp Duty Land Tax (SDLT) relief was clawed back on the purchase of a high-value residential property from a partnership due to its occupation by a director. It proved a challenge in determining how to attribute the control tests and calculate the Sum of the Lower Proportions.
Prime Minister Boris Johnson has announced a one-off £1,000 grant for ‘wet-led pubs’ within Tiers 2 and 3 in lieu of Christmas trade.