In Cheshire Cavity Storage 1 Ltd & Anor v HMRC [2022] EWCA Civ 305, the Court of Appeal agreed with the lower courts that underground gas storage cavities were not plant and were not eligible for plant and machinery capital allowances.
SME Tax News
Accountants, professional advisers and other 'obliged entities' can now report a discrepancy about a beneficial owner on the Persons of Significant Control register online.
In Alastair Fergusson v HMRC [2022] TC08415, the First Tier Tribunal (FTT) upheld penalties and interest caused by the late filing of SDLT returns and subsequent payment. The taxpayer had attempted to file the paperwork for the property purchase himself and had not met the appropriate requirements and deadlines. He had no reasonable excuse for his filing failures.
Taxpayers who have not yet paid the tax due under Self Assessment for the 2020-21 tax year must either make payment in full or agree a time to pay arrangement with HMRC by 1 April to avoid late payment penalties.
In HMRC v RMF Construction Limited [2022] UKUT 00067, the Upper Tribunal (UT) overturned the FTT decision allowing an appeal against the removal of CIS Gross Payment Status. The decision to remove the status was based on compliance failures and that these failures happened eight years before the status is to be removed did not make its removal disproportionate.
HMRC's latest Employment-Related Securities Bulletins contains some useful information. Here is our enhanced version.
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Increasing the rate of Council Tax on second homes has found favour in Wales as a method of addressing a shortfall in local housing. Judging by reports on the news last night, this approach appears to be garnering support in other holiday locations around the country.
The European Court of Justice (ECJ) has ruled that the UK had been negligent in allowing criminal gangs to flood EU markets via UK ports with cheap Chinese-made clothes and shoes. The European Commission estimated that the UK owed the bloc €2.7bn in lost duties and VAT.
The Welsh Government has announced, from April 2023, new Business Rates qualifying conditions for holiday lets and an increase to the maximum amount of Council Tax which can be charged on second homes. This follows changes to Business Rates criteria for self-catering accommodation previously being announced in England and Scotland.
In David McClean and Others v Andrew Thornhill QC [2022] EWHC 457 (Ch), a leading QC did not owe a duty of care to participators who lost £40m in a failed film tax avoidance scheme upon which he had provided counsel's opinion. The investors had been advised that they must consult their own tax advisers