The Welsh Government has laid draft regulations to amend the Land Transaction Tax (LTT) rules surrounding the combined use of Multiple Dwellings Relief (MDR) and the Subsidiary Dwelling Exception (SDE).
SME Tax News
HMRC are sending letters and e-mails to delivery drivers who they believe may need to register for Self Assessment in 2023-24.
HMRC are sending one-to-many letters to estate agents, informing them of the requirement to register for Anti-Money Laundering (AML) supervision if they are engaged in activities defined by the Estate Agency Act 1979.
The Institute of Chartered Accountants in England and Wales (ICAEW) note that HMRC are sending 'One-to-many' e-mails to the Private Equity businesses reminding them of their VAT accounting procedures. The e-mails highlight the importance of following HMRC’s industry specific guidance at PE79000.
The Institute of Chartered Accountants in England and Wales (ICAEW) is warning agents to ignore text messages from 'TaxGateway'.
In Mohammed Muhsen Yaqoobi v HMRC [2024] TC09388, the First Tier Tribunal (FTT) found that living abroad, postal delays and limited internet access were not reasonable excuses for the late submission of a Self Assessment return.
HMRC are writing to small charities to remind them to be wary about reclaiming input VAT on non-business activities. Tax compliance, especially for VAT, can be a complicated problem for many charities as there is a general tendency amongst trustees and managers to assume that they operate 'tax-free'.
In FRF (South Wales) Limited v HMRC [2024] TC09386, the First Tier Tribunal (FTT) found that a company could claim Business Premises Renovation Allowances when converting a retail warehouse into a car showroom. Although substantial alterations were undertaken, there had been a continuity of the building’s identity.
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We have quite a diverse blend of news and features this week. More 'One-to-Many letters' and of more general interest, a record number of new bodies added to HMRC's List 3 in 2024. We have 'Top Tips' for January and consider issues for employers and illegally deresticted E-bikes after the issue cropped up on BBC Radio 4 News.
In Chemidex Generics Ltd v HMRC [2024] TC09387, the First Tier Tribunal (FTT) ruled that the taxpayer's valuation and a ten-year amortisation period were compliant with UK GAAP and allowed relief for amortisation for Corporation Tax purposes.
