Free Study Skills Session: Preparing for Your Tax Exams on 10th September 2024 at 12 PM.
SME Tax News
HMRC have published their Employer Bulletin for August 2024. We have summarised the key content for you, with links to our detailed guidance on the topics covered.
Hello,
Our highlights this week include a briefing on the reporting obligations for digital platforms. We have posted a reminder for ICAEW firms: the PI insurance rules change in September. We have more 'one-to-many' letters from HMRC and some non-tax items of interest too, plus more 'stories from the tax tribunals'.
Local authorities in England and Wales have been warned about the use of charitable land for which they are acting as trustees. The Charity Commission for England and Wales (the Charity Commission) has written warning them not to improperly dispose of or change the use of land for which they have responsibility.
In James Winfield v HMRC [2024] TC9259, the First Tier Tribunal (FTT) rejected every argument advanced by HMRC when it tried to defend its decision to deny a claim for Stamp Duty Land Tax (SDLT) Multiple Dwellings Relief (MDR) in respect of a house with an annexe. The taxpayer, who cannot claim back costs against HMRC, had his appeal allowed.
Online Digital Platform Operators that are Online Marketplaces have to register with HMRC and report details of people who sell goods and services to buyers from their platforms. This creates a new Customer Due Diligence (CDD) requirement. While HMRC is still building its new Digital Platform reporting service, online operators need to start their own CDD systems to ensure they capture and record the right data.
The Institute of Chartered Accountants in England and Wales (ICAEW) new Professional Indemnity Insurance (PII) limits and regulations apply from 1 September 2024. The changes follow last year's review by its Professional Indemnity Insurance Committee (PIIC).
HMRC have commenced another one-to-many campaign, this time targeted at taxpayers already in Self Assessment who have either declared the wrong amount of Child Benefit or missed it off their 2022-23 tax return completely. Where this is the case, the High-Income Child Benefit Charge (HICBC) will be incorrectly calculated.
In Rahman v Hassan [2024] EWHC 2038 (Ch), the family of the late Al-Hasib Al Mahmood has been permitted to appeal the High Court's decision regarding a deathbed gift of registered land.
HMRC are launching another one-to-many campaign aimed at dog and cat breeders. Their particular concern is that many animal breeders have failed to register for self-assessment.
