On 22 September 2022, the government announced a reversal of the 6 April 2022 1.25% increase in National Insurance rates, with effect from 6 November 2022, or as soon as payroll systems can be changed, if later.
SME Tax News
HMRC is making use of its data-gathering powers to harvest data from a range of online sources as it opens a stream of new 'nudge' campaigns targeting different types of taxpayer. HMRC has the power to request bulk data in the form of lists of users of suppliers and their customers from websites and app platforms.
Missed our SME Tax Web-updates in October? Here is a summary of the month.
In Christian Peter Candy v HMRC [2022] EWCA Civ 1447, the Court of Appeal (CoA) found that the 12-month amendment window could not be extended to recover Stamp Duty Land Tax (SDLT) where a contract was incomplete beyond that date.
Following the Bank of England’s announcement on 3 November 2022 that the base rate would rise to 3%, HMRC interest rates will also increase by 0.75%, to 5.5% for late payment interest and 2% for repayment interest, from 22 November 2022.
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With news that HMRC is launching a campaign targeting non-compliance by offshore companies who own UK property, we are focusing on the tax compliance issues for offshore property owners, directors and landlords this week.
The Government has announced the details of how the Energy Price Guarantee will work for Northern Ireland. The support given will be equivalent to that received by domestic use customers in Great Britain.
HMRC has released its latest report showing how it has performed against the HMRC Charter during 2021. In all areas reviewed there have been no improvements since 2020.
In Cobalt Data Centre 2 & 3 LLP v HMRC [2022]EWCA Civ 1422 , the Court of Appeal (CoA) disallowed investors expenditure under the Enterprise Zone scheme. A 'Golden Contract' was said to extend the relief period, however the Court found that the contractual amendments totally changed the original plans and tax relief was denied.
The Office of Tax Simplification (OTS) has published its report ‘Property income review: simplifying income tax for residential landlords’. This explores the common complexities, issues, and concerns facing individual taxpayers with property businesses.