Days after announcing that HMRC was going to make business owners reclassify their double cab pick-ups as ‘cars’ for employment benefit and capital allowance purposes, HMRC has changed its policy.
SME Tax News
HMRC has been forced to abandon a new policy proposal that would have seen van owners having to reassess and potentially reclassify double cab pick-up vehicles as ‘cars’ for employment benefit and capital allowance purposes.
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Double cab pick-up: a car or van? The answer might lie in the number of passenger doors, but even the physicist Erwin Schrödinger might have been bemused to find that HMRC has announced that soon it will no longer interpret the meaning of 'car' for Benefit In Kind (BIK) and capital allowance purposes in line with the VAT definition. It will, during a transitional period, accept that cars may be vans, meaning that advantage can be taken of the current rules for a time.
The Upper Tribunal has confirmed a major unfairness in the Stamp Duty Land Tax (SDLT) rules. If you have submitted a return on the basis that properties are non-residential and subsequently the subject matter is confirmed residential property, there is no mechanism to go back and claim Multiple Dwelling Relief (MDR) after the 12-month return amendment period.
Can you make a late claim for Stamp Duty Land Tax (SDLT) relief? Ten appellants joined forces to test the tax rules on making a late claim for Multiple Dwelling Relief (MDR). The FTT found that their late claims were a result of 'making a mistake' with a tax claim and thus they were defeated by the basic rules for Overpayment Relief.
HMRC's latest one-to-many letters are being sent to taxpayers who have disposed of shares and omitted share disposals from their tax returns.
A taxpayer who mistakenly believed that no Capital Gains Tax (CGT) would arise when transferring properties to a company owned by his wife was unable to unwind the transaction for CGT purposes. His CGT liability remained.
All change! On 20 February HMRC has made a U-turn on this policy change: We consider the new rules
From 1 July 2024, HMRC is going to reclassify double cab pick-ups as ‘cars’ for employment benefit and capital allowance purposes. Pick-ups acquired or ordered before 1 July will benefit from a transition period.
Amid mixed calls to delay the introduction of new Research & Development (R&D) rules, HMRC have published draft guidance on new rules for Contractors and Externally Provided Workers (EPWs).
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HMRC's latest campaign aims to identify undeclared dividend income. As you all know, most small companies' accounts do not show the amount of dividends that have been paid to their owners. HMRC can calculate the level of distributions made by making a comparison of a company's reserves from one year to the next from its accounts submitted for Corporation Tax.