After a seven-year delay, HMRC will start issuing 'Simple Assessments' to 560,000 individuals with tax outstanding for 2023/24 in early Autumn. What are Simple Assessments and why did it take so long to make them?
SME Tax News
HMRC have published their list of tax avoidance litigation decisions for 2023-24. This identifies the results in litigation decisions where HMRC considered that tax avoidance was involved. The summary indicates decreased litigation in 2023-24, but a continued high win rate for HMRC.
Missed our SME Tax Web-updates in July? Here is a summary of the month.
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The new Chancellor, Rachel Reeves, will present her first budget in October and this week published details of some of the new government’s tax reforms. We take a closer look at the changes to Furnished Holiday Letting (FHL) and non-domiciled taxation.
The Welsh Government has announced the opening of applications for The School Essentials Grant. This provides cash for schooling to families on lower incomes and those who qualify for certain benefits.
In the case of Peter Marano v HMRC [2024] EWCA Civ 876, the Court of Appeal found the automatic issue of a penalty notice was sufficient to demonstrate its authorisation by HMRC and dismissed the appeal.
The number of live cases being investigated and reviewed under the Corporate Criminal Offences (CCO) regime for the failure to prevent the facilitation of tax evasion has remained largely stable since HMRC's previous update in January 2024.
HMRC have published draft legislation detailing how the abolition of the Furnished Holiday Letting (FHL) rules in April 2025 will operate. What does this mean?
The Chancellor, Rachel Reeves, has committed to taking action concerning the ‘carried interest’ loophole and has issued a Call for Evidence. In particular, the government is seeking detailed engagement with expert stakeholders.
HMRC have published a policy paper, 'Multinational top-up tax and domestic top-up tax — transitional country by country reporting safe harbour anti-arbitrage rule'. The draft legislation aims to prevent taxpayers from engaging in avoidance arrangements to benefit from the transitional Country-by-Country Reporting (CbCR) safe harbours.
