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Our highlights this week: HMRC introduces a new claims process for employee expenses, there is useful case law on the timing of dividend payments and the meaning of residential property for SDLT, we have created a detailed suite of new R&D guidance, new CPD webinars and a new case study on buying out a retiring shareholder.
HMRC are implementing new evidence requirements from 14 October 2024 for standalone claims for employment expenses. HMRC have identified a growing tax risk from ineligible claims.
In Amarjeet and Tajinder Mudan v HMRC [2024] UT307, the Upper Tribunal rejected a claim that a property was too dilapidated and vandalised to make it suitable for use as a dwelling. Despite its poor condition, it remained 'residential' at the time of purchase for Stamp Duty Land Tax (SDLT).
In HMRC v Peter Gould [2024] UKUT 00285, the Upper Tribunal (UT) found that an interim dividend paid to two shareholders on different dates was taxable in different tax years.
On 4 October 2024, HMRC e-mailed tax agents to request that they provide details of their agent codes for Self Assessment, VAT and Corporation Tax by 8 November 2024. This deadline has now been extended to 6 December 2024.
HMRC's latest one-to-many letter campaigns focus on agents who have submitted provisional returns for clients without subsequent amendment, and Gas Safe Engineers who may need to register for self-assessment.
In the run-up to the 31 October 2024 paper tax return filing deadline, HMRC have announced that printed copies of the tax return from GOV.UK will be accepted.
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The leading tax bodies are mid-way through a pilot on HMRC service standards, but almost pre-empting their conclusions, HMRC has announced that it has already made changes to its agent helplines. Apparently, agents are responsible for clogging up the technical lines so HMRC has created a new option for chasing refunds.
In Putney Power Limited and Piston Heating Services Limited v HMRC [2024] TC09300, the First Tier Tribunal (FTT) denied EIS relief as neither company was found to be ready to trade by the required deadline.
From 7 October 2024 HMRC is introducing changes to its telephone and online service for agents handling Self Assessment (SA) and PAYE queries including a new option for chasing tax repayments.
