Last month we reported some self-employed taxpayers who made voluntary class 2 National Insurance Contributions (NICs) for 2022/23 and received an unexpected refund from HMRC, which may have been an error. HMRC has now provided an update regarding this issue.
The Welsh Government has published a summary of responses to its earlier Land Transaction Tax (LTT) consultation which considered extending the LTT higher rates three-year exception and refund period, in specific circumstances.
In JTI Acquisition Company (2011) Limited v HMRC [2024] EWCA Civ 652, the Court of Appeal (CoA) agreed with the Upper Tribunal (UT) and the First Tier Tribunal (FTT) that while the appellant made a commercial acquisition using a group loan, the wider group strategy of securing a tax advantage meant the loan had an unallowable purpose.
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As we roll towards the end of June, don't overlook the next major employer reporting obligations: form P11D (returns of benefits and expenses) and the employer's declaration P11D(b). Employment Related Securities (ERS) returns are due by 6 July.
The HMRC notification deadline for the grant of EMI share options has changed, but some plans still require earlier reporting.
In Kenneth Williams v HMRC [2024] TC09171, the failure of a property developer to notify chargeability to tax and the resultant loss of tax was attributed to his negligent conduct. This meant that HMRC were able to raise assessments into past profits some 15 years after the disposal of the properties.
The ICAEW has asked for more time and comprehensive guidance for businesses to implement an effective UK Carbon Border Adjustment Mechanism (CBAM).
The UK's main professional tax and accountancy bodies have made a joint statement in support of the mandatory registration of tax agents.
In Paul Baxendale-Walker v HMRC [2024] UK154, HMRC found its case struck out by the Upper Tribunal (UT) which decided they had 'no reasonable prospect of success' in imposing £14m of tax-geared penalties for failure to provide information because the conditions for a Paragraph 50 Schedule 36 Information Powers penalty could not be met.
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We have something for everyone this week! We look at remittances, IR35, closing tax enquiries, electronic sales suppression, company size changes affecting over 40,000 companies and HMRC changes impacting response times for VAT. Don't forget to sign up for our live CPD webinars: there are two next week. See more information below.
