In April 2023 the government launched a new consultation ‘Charities tax compliance’ which explored possible changes allowing HMRC to tackle charities that obtain reliefs in ways that are not intended.
SME Tax News
As part of Tax Administration and Maintenance Day, HMRC have released a consultation, 'Stamp Taxes on Shares modernisation'. This seeks views on proposals to combine Stamp Duty and Stamp Duty Reserve Tax.
HM Treasury has launched a new consultation ‘Help to Save Reform’ which explores how the Help to Save scheme can be simplified and reformed to make it an effective savings product.
On Tax Administration and Maintenance Day last week, HMRC have released a consultation 'The taxation of decentralised finance (DeFi) involving the lending and staking of cryptoassets'. It seeks views simplifying the tax treatment of certain DeFi transactions.
Missed our SME Tax Web-updates in April? Here is a summary of the month.
Hello,
HMRC have just brought out another Agent Update together with Trusts and Estates Newsletter. We also have details of our new Virtual Tax Partner (VtaxP) Tax Workouts.
In Cranham Sports LLP v HMRC [2023] TC8794, the First Tier Tribunal (FTT) denied a late appeal against IR35 PAYE determinations caused by adviser error. They should have known better and the sum involved and other circumstances did not justify the appeal.
In Marie Guerlain-Desai v HMRC [2023] TC8795, the First Tier Tribunal (FTT) allowed a late appeal against a SDLT assessment. While the delay due to human error was considered significant and serious, the tax at stake was significant and HMRC’s remit was to collect the right amount of tax.
In Shafique Uddin & Kazitula Limited v HMRC [2023] UKUT99, the Upper Tribunal (UT) confirmed denial of a late appeal against VAT and Corporation Tax assessments. It agreed that the taxpayer had been misled by his advisors however he had not acted reasonably and should have been more proactive in dealing with the appeals.
HMRC have issued their Agent Update for April 2023. We have summarised the key content for you with links to our detailed guidance on the topics covered.