SME Tax News

HMRC have issued their Agent Update for October 2021. We have summarised the key content for you with links to our detailed guidance on the topics covered. 

The OECD has announced a far-reaching global agreement to its 'Two Pillar' proposal for international tax reform. The plans, which include a minimum in-country Corporation Tax rate of 15%, have now received the backing of all OECD members including G20 countries and the EU.

In Arron Banks v HMRC [2021] EWCA Civ 1439, the Court of Appeal held that donations to UKIP were not eligible for Inheritance Tax relief. They confirmed there was discrimination under EU law, but as HMRC had proved, this was justifiable and relief must be denied.

The Institute of Chartered Accountants in England and Wales (ICAEW) says that the data leaked by the Pandora Papers investigation show how important it is for accountants to ensure that they know their clients for Anti-Money Laundering (AML) purposes.

Hello,

If you were starting out again in practice, how would you plan your business? If you're in the process of selling up, with the benefit of hindsight is there any advance planning you would have done differently? And, what, if anything, are you doing about Inheritance Tax (IHT) planning?

Capital Gains Tax (CGT) accounted for just over £10 billion in tax receipts in 2020/21. In terms of the UK's overall tax revenue that is quite a small number and so it's unsurprising that we find that people ask us most queries about that tax. It's probably the one that they have to think about least, well, if you ignore Inheritance Tax and Stamp Duty Land Tax.

 

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