HMRC have published a new consultation 'Draft regulations: proposed amendments in respect of salary advances'. It is seeking views on the changes to secondary legislation to allow employers to delay the reporting of such advances to employees.
SME Tax News
Hello
The holidays are over and it's 'all systems go' at HMRC. The long-awaited Overlap Relief form is now working; if you scroll down to VAT news you will note that we have changes to VAT Agent authorisation.
In P Gopaul v HMRC [2023] TC8917, the First Tier Tribunal (FTT) found that a company's suppression of turnover meant that the sole shareholder/director was personally liable for penalties. However, having taken the missing funds from the company was not enough to prove a s.455 charge had been deliberately unaccounted for.
In Espalier Ventures Property Ltd v HMRC [2023] TC8914, a claim that the purchase of three garages and a right of access to communal gardens were separate non-residential property for SDLT failed to impress the First Tier Tribunal (FTT). It was found that the interests were residential and the higher rate of SDLT applied.
In Landmaster Investment Limited & Anor v HMRC [2023] TC08919, the First Tier Tribunal (FTT) found that reservation agreements, relating to the purchase of new build apartments, were not options or rights of pre-emption. The residential rates of Stamp Duty Land Tax (SDLT) applied.
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.
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.