In Michael Breen v HMRC [2022] TC08482, the First Tier Tribunal (FTT) dismissed an appeal against late filing penalties finding that a debilitating fear of making a mistake was not a reasonable excuse for the late filing of tax returns.
SME Tax News
HMRC has released 'Research Report 646: Customer readiness for Making Tax Digital for Income Tax Self-Assessment (ITSA)'. The research found that whilst four in ten taxpayers surveyed recognised the benefits of the new rules, and thought complying would be easy, six in ten were either not engaged in the process or had concerns.
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This week we have news 'hot off the press' on the Chancellor's 'windfall' tax measures, the third in our series of guides about selling a company, a Capital Taxes round up, and a selection of updates and interesting case reports.
The Chancellor Rishi Sunak has today announced a raft of support measures to deal with the rising costs of living including a temporary windfall tax for oil and gas companies and extra payments to low-income families.
The Public Accounts Committee (PAC) has released a report 'Lessons from implementing IR35 reforms'. It is highly critical of HMRC and government bodies in their implementation of IR35, saying it is “not acceptable” that central government is bearing the cost of tax owed by individuals who have been wrongly assessed as self-employed.
In Timothy and Alison Johnson v HMRC [2022] TC08483, the First Tier Tribunal (FTT) found discovery assessments were validly raised as the appellant’s tax agent had been careless in omitting compensation payments from their tax returns.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 June 2022.
HMRC have issued their Agent Update for May 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In John Douglas Wardle v HMRC [2022] TC08485, the First Tier Tribunal (FTT) upheld HMRC's decision to deny Entrepreneurs' Relief (ER) as the appellant's LLP had yet to start trading. Mr Wardle was appealing the decision less than a year after losing an appeal on similar grounds for another partnership disposal.
In David Andreae v HMRC [2022] TC08473, the First Tier Tribunal (FTT) allowed appeals against Follower Notice penalties. It was reasonable given the circumstances that the taxpayer did not take corrective action within the time limits. They had actively sought and relied on advice from the promoter and sought a second opinion once confidence in the promoter had been lost.