SME Tax News

The Institute of Chartered Accountants in England and Wales (ICAEW) says that the data leaked by the Pandora Papers investigation show how important it is for accountants to ensure that they know their clients for Anti-Money Laundering (AML) purposes.

Hello,

If you were starting out again in practice, how would you plan your business? If you're in the process of selling up, with the benefit of hindsight is there any advance planning you would have done differently? And, what, if anything, are you doing about Inheritance Tax (IHT) planning?

Capital Gains Tax (CGT) accounted for just over £10 billion in tax receipts in 2020/21. In terms of the UK's overall tax revenue that is quite a small number and so it's unsurprising that we find that people ask us most queries about that tax. It's probably the one that they have to think about least, well, if you ignore Inheritance Tax and Stamp Duty Land Tax.

Thinking of starting a new accountancy practice? Thinking of restructuring your existing business? What would you do if you could start afresh?

In HMRC v Sukhdev Mattu [2021] UKUT 0245, the Upper Tribunal approved penalties for non-compliance with a Schedule 36 information notice. The tax at stake was high and the taxpayer had failed to cooperate with HMRC.

In Peter Wilson v HMRC [2021] UT 0239, an accountancy Limited Liability Partnership ( LLP) member lost an argument that he was a he was an employee and not a partner for National Insurance Contributions (NICs). Changes to the LLP agreement had hollowed out many of his original membership rights but he still retained enough voting rights and a profit share to be treated as a partner.

 

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