SME Tax News

Professional services firm KPMG has played a pivotal role making 2021-22 a record year in terms of the level of fines and sanctions issued by the Financial Reporting Council (FRC) to firms of accountants. Total fines for the year amounted to £46.5million, of which over half related to KPMG. Fines in the previous 12 months amounted to some £42m.

A monthly side-ways look at tax news from around the world. This week we've got record national tax revenues, record billionaire tax avoidance, a Bali break and a lesson on how to get a Democrat to pay for a Republican tax cut.

Missed our SME Tax Web-updates in July? Here is a summary of the month.

The Treasury Committee has issued 'Call for Evidence: Tax Reliefs'. This seeks views on the reliefs available for individuals as well as businesses and seeks to review the benefits they provide to the economy and ways in which they can be improved.

In Jonathan Mark Slade & Jonathan James Slade v HMRC [2022] TC08548, the First Tier Tribunal (FTT) found the legal expenditure incurred defending rights to a number of assets collectively was not an allowable deduction for CGT purposes when one of those assets was sold alone.

HMRC have recently released annual statistical updates, one covering non-UK domiciled taxpayers and another covering Inheritance Tax (IHT) and associated reliefs. We summarise some of the key and interesting figures.

 

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