HMRC have published responses to the consultation ‘Expanding the cash basis’ which asked for taxpayer views on various options to extend and simplify the Self-employed Cash Basis, a simplified way of calculating taxable profits for Income Tax purposes.
SME Tax News
The Chancellor, Jeremy Hunt, presented his Autumn Statement 2023 speech on Wednesday 22 November. This is our 'At a glance' summary of the key tax announcements and measures.
The Public Accounts Committee's (PAC) report on ‘Progress in Making Tax Digital’ reveals grave concerns over the project’s spiralling costs, design flaws and missed deadlines. It has issued five recommendations for HMRC to follow.
Hello,
This week we have our take on yesterday's Autumn Statement, updates to some of our guides and some more topical case updates.
In HMRC v Fisher & Anor and HMRC v Fisher Respondent No 2 [2023] UKSC 44, the Supreme Court held that the transfer of a business to Gibraltar could not be a Transfer of Assets Abroad as it was not made by the individual shareholders but by a company owned by them.
The Chancellor announced the following measures on National Insurance in his 2023 Autumn Statement.
In Gary Ives v HMRC [2023] TC08989, the First Tier Tribunal (FTT) found that the appellant was not carrying on a trade by renovating and selling three successive properties. These were family homes subject to Capital Gains Tax (CGT) and, as such, Private Residence Relief (PRR) applied.
In Access Contracting Services Ltd v HMRC [2023] TC08994, the First Tier Tribunal (FTT) found that a company had not taken reasonable care to comply with the Construction Industry Scheme (CIS) regulations. The FTT upheld HMRC’s assessment of CIS under-deducted from subcontractors.