A recent National Audit Office (NAO) report compares measures adopted by other countries to reduce instances of VAT and sales fraud with the UK's approach. It reveals that the UK is seriously lagging in terms of its adoption of technological solutions.
In considering why the UK came to be so perverse in its approach to tax technology, we should examine whether HMRC's approach to Making Tax Digital should refocus on sales reporting.
Over six months starting in September 2022, a large number of VAT-registered overseas businesses changed their registered address to one residential property in Cardiff. The resident received over 11,000 letters from HMRC and debt collection agencies regarding unpaid VAT, according to an example included in a report the National Audit Office (NAO).
The government has confirmed that it continues to support the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme by announcing that both schemes will be extended by ten years to 5 April 2035, as planned.
Hello,
If you are just back from your holidays we have lots of updates and refreshers on topical taxes this week. Tax allowances may have been frozen for years but there is much to report. I would personally recommend our Land & Property Advisers' 'What's New 2024/25' guide, which features an in-depth look at the current concerns about s.162 relief.
In HMRC v S & L Barnes Limited [2024] UKUT 00262 (TCC), the Upper Tribunal (UT) remade an earlier decision and found former rugby player Stuart Barnes was within IR35 leaving him exposed to a bill of £695,000.
We look closer at HMRC's latest property income statistics for 2022/23. There may be a 'blip' but the stats indicate that property income received by partnerships appears to have fallen by £3.47 billion between 2021/22 and 2022/23. Despite that, overall property income received by all unincorporated landlords only fell by £1.96 billion, meaning that perhaps 2021/22 was a rogue year in terms of the statistics.
HM Treasury is inviting representations from stakeholders ahead of the 2024 Autumn Budget, which will be held on 30 October 2024. Time is getting short for making representations: the portal closes on 10 September 2024.
Missed our SME Tax Web-updates in August? Here is a summary of the month.
Hello,
This week's top news item asks whether you can spot what's wrong in a scam email targeting tax agents. See what you think. We also have a cautionary tale on the National Minimum Wage (NMW) rules and are showcasing guides and updates covering a range of new measures and proposals. In amongst all that we have the latest news and more cases.
HMRC have published new advisory fuel rates for company car drivers that apply from 1 September 2024.
