In Peter Marano v HMRC [2023] UKUT 113, the Upper Tribunal (UT) found that the First Tier Tribunal (FTT) had failed to consider both notification of a capital gain and also the date when tax was paid and when deciding whether any 'special circumstances' could mitigate Late Payment penalties under Sch 55 FA 2009.
SME Tax News
In Robert Williams v HMRC [2023] TC08820, the First Tier Tribunal (FTT) found that it had no jurisdiction to consider HMRC’s refusal of a negligible value claim that was not in the form required by HMRC.
Existing shipping companies and groups have a new opportunity to elect into the Tonnage Tax regime for Corporation Tax between 1 June 2023 and 30 November 2024.
The Institute of Chartered Accountants in England & Wales (ICAEW) is moving away from the Continuing Professional Development (CPD) 'output-based' model, where members self-assess their needs to complete an amount of CPD appropriate to their role, to a model which sets a minimum number of hours including a minimum number of hours that are 'verifiable' depending on your role as an accountant.
In Dr Harry Nduka v HMRC [2023] TC8818, the First Tier Tribunal (FTT) denied claims for employment expenses. The items in question were not necessarily required for use in performing the duties of the doctor’s employment.
The new mandatory online filing of P11Ds may cause problems with HMRC’s systems where the agent filing the forms is not also the agent for PAYE and Real-time Information (RTI). HMRC have provided a workaround.
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.
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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.