A claim under the Self-Employment Income Support Scheme (SEISS) was denied by the First Tier Tribunal (FTT). Despite receiving invitations to apply for SEISS from HMRC, the taxpayer was never entitled to claim under the scheme.
SME Tax News
In a case with a twist, HMRC used their Schedule 36 Information Powers to request the relevant data of an opaque offshore entity. This sort of request should become less frequent since the UK introduced a Register of Overseas Entities.
A new consultation considers the way that the UK will implement the OECD Cryptoasset Reporting Framework and amendments to the Common Reporting Standard. It seeks views on the extensions to domestic reporting.
A two per cent minimum wealth tax on billionaires has been proposed to G20 members by the chairman of the G20, Brazilian Finance Minister Fernando Haddad. Based on research from the EU Tax Observatory, he said the primary aim of the proposed tax would be to tackle rampant tax evasion.
February's Hot Cases returns with our pick of useful cases for accountants and advisors including a £6m unfair dismissal payment found taxable, a military defence fails HCBIC attack and 'clever' schemes to avoid tax on properties fail and fail again.
HM Treasury has opened a consultation seeking views on how to design and implement a UK-focused ISA.
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Our main news this week of course centres on the Spring Budget. We also review HMRC's new views on tax relief for training costs. Our cases feature the first ever appeal against the withdrawal of COVID-19 'Eat Out to Help Out Scheme', whether property was a trade or investment for Business Asset Disposal Relief (BADR), and the tribunal had to sample Nakd and Organix bars. Hopefully not stale ones this time!
HMRC have just revised their guidance on tax relief for business owner's training courses. They now say that learning a new skill in a new area will be tax-deductible against profits if 'wholly and exclusively' incurred for any 'ancillary purposes' of the trade or business.
HMRC's challenge to a restaurant's claim for support payments under the Eat Out to Help Out Scheme (EOHOS) failed at the First Tier Tribunal (FTT). This is the first FTT case considering the EOHOS.
HM Treasury has published a response to the 2023 consultation ‘Taxation of environmental land management and ecosystem service markets’. Agricultural Property Relief (APR) will be extended to cover environmental land management from 6 April 2025.