HMRC have issued their Agent Update for January 2024. We have summarised the key content for you with links to our detailed guidance on the topics covered.
SME Tax News
Hello
‘Online markets’ are in the news again. This time, HMRC has a new campaign afoot which aims to catch online traders who are operating via serviced offices in the UK to appear to be UK resident for tax.
Actor Arnold Schwarzenegger found his travel plans temporarily terminated when he was detained at Munich Airport for allegedly avoiding tax payable on a luxury watch. He was on his way to Austria to auction the custom-made Audemars Piguet watch for charity.
HMRC have announced a package of measures intended to simplify and modernise the tax system. These include mandating the payrolling of Benefits In Kind, from April 2026, and allowing parents who do not claim Child Benefit to obtain a National Insurance credit.
In 39 Fitzjohn's Avenue Limited v HMRC [2024] TC9021, the First Tier Tribunal (FTT) found that a London property which had a railway tunnel vent in its garden and workshop in its basement was a dwelling and not a mixed-use property for Stamp Duty Land Tax purposes.
In Mr James Keighley (1) Primeur Limited v HMRC [2024] TC9023, the First Tier Tribunal (FTT) found that a director’s personal use of his company’s credit card resulted in six years worth of tax assessments and penalties. Worse still, a write-off of an intercompany loan was ruled to have a disallowable purpose.
In The Trustees of the Peter Buckley Settlement v HMRC [2024] TC09022, the First Tier Tribunal (FTT) found that Capital Gains Tax (CGT) Entrepreneurs’ Relief was not available on a trust’s share disposal. The company was not the qualifying beneficiary’s 'personal company' for the required period.
HMRC has launched a consultation ‘Tax Simplification for Alternative Finance’. This explores proposals to address the difference in Capital Gains Tax (CGT) treatment when property is refinanced using alternative, rather than conventional, finance methods.
- Tax receipts: how is Government is funded?
- Salary in lieu of dividends did not qualify for CJRS
- Nichola's SME Tax W-update 11 January 2024
- Welsh visitor accommodation registration and licensing scheme
- Consultation on timescales for repairs in the social rented sector
- Landlords: HMRC's One-To-Many letters