SME Tax News

Hello,

We have some useful new tools for you this week, all covering some tricky but topical areas of tax. 

HMRC have issued guidance on what mini-umbrella company fraud is. It follows a BBC Radio File on 4 programme which revealed that as many as 48,000 companies had been created in the last five years under such arrangements, at a cost of potentially millions in lost tax revenue.

In Babtunde Iginla v HMRC [2021] TC8081, the First Tier Tribunal (FTT) restricted the amount of costs allowable against a capital gain for lack of evidence but partially allowed the taxpayer’s penalty appeal.

An analysis of the Apprenticeship Levy by the Chartered Institute of Personnel and Development (CIPD) found that employers lost out on £2 billion in apprenticeship training funds and the government scheme had 'failed'.

The Organisation for Economic Cooperation and Development (OECD) has released a report ‘Inheritance Taxation in OECD Countries’ calling on governments to increase taxes to help readdress wealth inequality.

HMRC have issued a new policy paper ‘Get your business ready for the Plastic Packaging Tax’ advising businesses who will be affected by the new tax how to prepare for it.

 

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