The Treasury Select Committee has launched an inquiry into the Crypto-Asset industry which will explore the role, opportunities and risks that crypto-assets offer consumers and businesses.
SME Tax News
There is evidence that wording on Inheritance Tax (IHT) claim form IHT436 has lead to some executors underclaiming relief for the transfer any unused residence nil rate band (RNRB) on IHT returns and HMRC is not picking up the error.
The Confederation of British Industry (CBI) has warned candidates for the Conservative leadership to develop serious, credible and bold plans for growth and that,“Tax changes must trigger business investment, not fuel inflation”.
In Bluecrest Capital Management (UK) LLP v HMRC [2022] TC8529, the First Tier Tribunal (FTT) held that the salaried members' rules applied to payments made to members of an LLP as disguised salary. Certain bonus payments escaped the rules as the recipient members had significant influence over the Partnership.
HMRC's July 2022 consultation, 'The taxation of Decentralised Finance involving the lending and staking of cryptoassets – call for evidence', asks for views on the consistency between the economic and tax treatment of lending and staking transactions and puts forward three different options for tax treatment.
In David Howick v HMRC [2022] TC8531, a director who neglected to ensure that a company paid its PAYE and NICs when he took over as its sole director was found not to have acted as a reasonable and prudent man would in the circumstances. His failure meant that HMRC was able to assess him personally for the company's NICs debts.
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Amidst a very exciting day at Westminster, we hope that you have some time for tax! We have a Corporation Tax ‘what’s new’ for 2022 for you this week and news of Making Tax Digital software and requirements.
The number of live cases being investigated and reviewed under the Corporate Criminal Offences (CCO) regime for the failure to prevent the facilitation of tax evasion has halved since its inception last year.
HMRC has opened a consultation ‘Tertiary legislation for Making Tax Digital for Income Tax’ inviting views on draft legislation for landlords and sole traders under Making Tax Digital (MTD) for Income Tax.
HM Treasury has published a consultation ‘Sovereign immunity from direct taxation: consultation on policy design’ which outlines the government’s proposal to legislate for, and better target, the UK’s exemption from direct tax for foreign sovereign investors, from April 2024.