In Darren Wragg v HMRC [2024] TC09350, the First Tier Tribunal (FTT) found that a lack of funds owing to the terms of an asset sale agreement did not amount to a reasonable excuse for the late payment of Capital Gains Tax (CGT).
SME Tax News
Following the Bank of England’s announcement on 7 November 2024 that the base rate would decrease to 4.75%, HMRC's interest rates are also decreasing by 0.25%, to 7.25% for late payment interest and 3.75% for repayment interest, from 26 November 2024.
In the Autumn Budget, the Government announced that a second independent review of the loan charge legislation had been commissioned. We look at the current situation for those who have remaining liabilities. Many MPs and tax professionals raised concerns after it became apparent that the first review had not been carried out independently.
HMRC have asked that requests for overlap information be submitted by 31 December 2024, to help them manage the volume of requests ahead of the 2023-24 submission deadline on 31 January 2025.
HMRC has launched a new consultation 'The Tax Administration Framework Review: New ways to tackle non-compliance'. This invites views on whether HMRC’s approach to correcting taxpayer inaccuracies in a claim or return could be improved.
Read more: Consultation on new ways to tackle non-compliance
Hello
Now that the 'Self Assessment season' is fully underway, this week we have a broad range of updates, new guides and checklists that will support you. We also continue our review of Budget Announcements and the new Finance Bill has been published.
In the Autumn Budget 2024, the Government issued a rather unusual Call for evidence on 'Tackling off-shore anti-avoidance'. The premise sounds simple: to understand the complexities of the Settlements legislation, the Transfer of Assets Abroad legislation and Capital Gains Tax in relation to offshore avoidance.
The Government has launched a trial version of its new AI-powered chat. It is early days for the GOV.UK Chat. As AI Large Language Models (LLMs) are known to hallucinate, i.e. make up stuff, they should be used with extreme caution. Initial tests show it's not too bad on that front.
In Equity Advisory Ltd & Craig Allan Mellor v HMRC [2024] TC09334, the First Tier Tribunal (FTT) found that 'a capital sum' declared as compensation was a payment of earnings and was not capital after all. It was liable to Income Tax and National Insurance Contributions (NICs).
Read more: Accountant's ‘Compensation’ claim liable to Income Tax
In Stephen Ray v HMRC [2024] TC09340, the First Tier Tribunal (FTT) found that being party to a judicial review was no excuse for late payment of Accelerated Payment Notices (APN) and penalties by their due date.
