SME Tax News

Hello,

We have some really exciting new guides for you this week which we trust will assist in adding value to your services. 

A new report by MPs on the Public Accounts Committee on 'Challenges in implementing digital change' packs some hard punches. It concludes that there's a chronic lack of digital skills and capability among the government’s senior non-specialist leadership which means there is a lack of understanding of the scope of its vast IT programmes. Many of these have embedded ‘legacy’ systems dating as far back as the 1970s.

HMRC have updated their guidance on what constitutes a 'reasonable' excuse as grounds for appealing a tax penalty.

The Public Accounts Committee (PAC) has released a report covering DEFRA's proposals to replace farming subsidies following Brexit. The PACs says Defra itself concedes “its confidence in the scheme looks like blind optimism”, noting that Defra has given no detail about how either the necessary productivity increases or environmental benefits will be brought about, nor how these will offset the new Environmental Land Management Scheme’s dramatic effect on English farmers, who will see their income from direct payments reduce by more than half by 2024-25.

Following changes to the excepted estates rules from 1 January 2022, certain Inheritance Tax (IHT) forms can no longer be used for deaths after 31 December 2021 where the estate is non-taxpaying. A different process must be followed.

The 2022 Budget is due to be held on Wednesday 23 March 2022. The Chancellor of the Exchequer has commissioned the Office for Budget Responsibility (OBR) to produce an economic and fiscal forecast for that day.

You will be able to find full budget coverage here.

 

 

Enjoying the Practical Tax content on www.rossmartin.co.uk? 

Sign up now to receive a unique FREE Tax Planning Tips and Advice Guide & our FREE Newsletter.

.Squirrel ad