The Public Accounts Committee has published 'COVID-19 cost tracker update'. It expects that all Coronavirus state-backed schemes will cost at least £15bn in fraud and has exposed the taxpayer to "substantial, long-term financial risks".
SME Tax News
In (1) David Hyman and Sally Hyman and (2) Craig Goodfellow and Julie Goodfellow v HMRC [2022] EWCA Civ 185, the Court of Appeal (CoA) found that there is no acreage limit on the land that could be classed as residential property for Stamp Duty Land Tax (SDLT) purposes.
HMRC have changed their view on the Purchase of Own Shares ‘connection test’: this affects multiple completion contracts.
In Delta Tax Agents Ltd v HMRC [2022] TC8403, a small firm of tax agents received a high penalty for failing to demonstrate that they were undertaking Anti-Money Laundering compliance in accordance with the regulations. They were then unsuccessful in making a late appeal against the penalty.
HMRC have issued their Agent Update for February 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Hello,
There has been plenty going on this week. We have a new HMRC Employer Bulletin, we take a closer look at the reinterpretation of the Business Asset Disposal Relief (BADR) 'substantial extent' requirement, there is a consultation on post-Brexit customs and we have made some more tax tools.
Enthusiasts of Capital Gains Tax, Business Asset Disposal Relief (BADR) will be keen to hear about a recent development in the interpretation of the description 'substantial' when determining the scale of a company’s non-trading activities.
HMRC have published their Employer Bulletin for February 2022. We have summarised the key content for you, with links to our detailed guidance on the topics covered. This bulletin covers essential information for 2021-22 end of year payroll, Benefit In Kind reporting and moving into the 2022-23 tax year.
HMRC has opened ‘Call for evidence: An Independent Customs Regime'; it considers how HMRC can improve the UK’s customs system by simplifying processes for traders and embracing innovation.
In Gunfleet Sands Limited & Ors v HMRC [2022] TC08387, the First Tier Tribunal (FTT) found that studies and project management costs relating to offshore windfarms partly qualified for capital allowances.