Our 2023 range of Practical Tax Year-End and Accounting checklists cover individuals, in their private capacity and their business interests. They make essential reading for any business owner or adviser.
Nichola's SME Tax W-update 2 February 2023
Hello,
Everyone that I have spoken to in the last couple of weeks has said that January has seemed busier than usual. Comparing notes, some of you have reflected that this was due to the knock-on effects of Covid, with many businesses and their owners struggling to get back to normality due to the combination of supply-side shortages, recruitment issues, and owner and staff sickness. Now that Self Assessment returns are all filed, there is, however, little time for introspection: it's time to start planning for the tax year-end. What do you need to consider?
Nichola's SME Tax W-update 26 January 2023
Hello,
With so much news coverage on the former Chancellor of the Exchequer Nadhim Zahawi's tax settlement, we have created a case study, based loosely on the known facts of his tax penalty, to illustrate how tax-geared penalties are calculated and what might count as a 'reasonable excuse' for making an error on a tax return. We have also included some suggestions as to how, with the benefit of hindsight, penalties could be avoided.
Offshore tax penalties: case study
Former Chancellor of the Exchequer, Minister Nadhim Zahawi, has made a large tax settlement involving tax penalties with HMRC, according to the press. It probably relates to the undeclared capital gains on the sale of shares in one of his business interests. How did HMRC calculate his penalties? With the benefit of hindsight, what might he have done to mitigate the penalties?
The 'Voice of Rugby' not a Sky IR35 employee
In S&L Barnes Limited v HMRC [2023] TC08697, the First Tier Tribunal (FTT) applied the tests from Ready Mixed Concrete and found that Stuart Barnes provided his rugby punditry services to Sky as part of his own business, not as an employee.
Nichola's SME Tax W-update 19 January 2023
Hello
HMRC have just published a new Agent update and, amongst other things, this includes new guidance on the Transfer of Assets Abroad (TOAA) provisions. It is only speculation on our part, but these anti-avoidance rules might have been one reason why a government minister is reported to have made a seven figure tax settlement with HMRC this week. His visable tax planning as shown on Companies House was to place his shares in a UK company into an offshore trust. Either he fell under the TOAA or the settlor interested trust rules, we guess, as both prevent individuals avoiding UK taxes.
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