HMRC have released statistics showing an increase in the number and amount of investments made under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR) scheme.
SME Tax News
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One of our case reports this week concerns a partially successful appeal against a clawback of an employer Coronavirus Job Retention Scheme (CJRS) payment. The First Tier Tribunal (FTT) accepted evidence of physical payment of wages after HMRC rejected what appeared to be a late claim due to a delay in PAYE payroll reporting.
The UK is being accused of being slow to issue some £1billion in fines to Overseas Entities who own UK property and have failed in their UK reporting obligations under anti-money laundering and transparency measures.
Employment Related Securities: What’s New June 2023: this is our round up of changes affecting the award and issue of shares and share options to directors and employees. Do not forget that there are annual reporting obligations for all share schemes, even if there are no changes in the year.
The House of Common's Public Accounts Committee (PAC) has launched a new call for evidence, ‘Progress with Making Tax Digital' (MTD). This is as part of an inquiry in which they will question Jim Harra, Chief Executive at HMRC about progress made towards MTD and whether the latest plans provide confidence that the programme will deliver value for money.
In HMRC v SSE Generation Limited [2023] UKSC 17, the Supreme Court found that items constructed for the collection and transmission of water in connection with a hydroelectric power station were neither a tunnel or aqueduct. The expenditure qualified for capital allowances.
HMRC close their VAT registration helpline on Monday 22 May 2023. They say that 85% of callers to the helpline were just ringing to track the progress of VAT registration applications and now call handlers will be redeployed to process VAT registration applications instead. Outstanding applications can now be chased up via email. It's unclear how HMRC will deal with the queries of the other 15% of callers.
Following the Bank of England’s announcement on 11 May 2023 that the base rate will rise to 4.5%, HMRC interest rates are also increasing by 0.25%, to 7% for late payment interest and 3.5% for repayment interest, from 31 May 2023.
In Zoe Shisa Events Limited v HMRC [2023] TC8805, the First Tier Tribunal (FTT) found that backdated payslips could be used for an employee Coronavirus Job Retention Scheme (CJRS) claim as the pay was evidenced by bank statements for that period. A director's salary increase could not be evidenced and the CJRS claim was restricted for that part of the claim.
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This week we have a new 2023-24 guide for Landlords, the ICAEW calls for a re-think on Making Tax Digital for Income Tax (MTD ITSA) and film scheme investors fail in their attempts to sue for negligence.