The Public Accounts Committee has published 'Tackling fraud and corruption against government', which finds that large gaps still remain in the government’s understanding of its exposure to fraud and corruption to the extent that it is unable to effectively measure or combat it.
SME Tax News
In Scottish Power & Ors v HMRC [2023] UKUT 218, the Upper Tribunal (UT) found that £28 million of consumer settlements paid by a power provider were in lieu of penalties and so were non-deductible for Corporation Tax purposes.
The long-awaited HMRC form which will allow businesses to check their Overlap Relief figure in preparation for filing tax returns under the new Basis Period transitional phase, has now gone live.
Lord Sugar has a massive Income Tax bill after he mistakenly claimed that he was a non-UK resident at the time that his company paid him a £390 million dividend. As a serving member of the House of Lords, he is automatically deemed to be resident and domiciled in the UK. It was reported that he is suing his advisers.
HMRC’s latest one-to-many letter campaign focuses on Gift Relief claims made in 2021-22 tax returns, for Capital Gains Tax (CGT) purposes.
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We are focusing mainly on Corporation Tax this week. We have created a topical update that takes you on a whistlestop tour of all the changes that apply from 1 April 2023, along with new guides that will assist you in completing your CT600 returns.
In M Group Holdings Limited v HMRC [2023] UKUT 213, the Upper Tribunal (UT) confirmed that the Substantial Shareholding Exemption (SSE) legislation could not be interpreted to allow looking through the ownership of a trade back to a time when there was not a group when assessing the 12-month holding period requirement.
In Sunil Joseph v HMRC [2023] TC08895, the First Tier Tribunal (FTT) found that an employee, whose agent had claimed around £27,500 of expenses annually without factual basis, had not taken reasonable care. The inaccuracy penalties charged by HMRC were upheld.
The County Councils Network (CCN) has called on government to give councils greater powers over apprenticeships and adult learning. Data compiled by CCN showed a decline in almost 200,000 people taking part in adult education.