Chancellor Rishi Sunak made the following announcements on Debt Management in his Spring Statement on 23 March 2022. His ‘Debt management report’ fulfils the annual requirement in accordance with the ‘Charter for Budget Responsibility'.
SME Tax News
Chancellor Rishi Sunak concentrated his VAT shake-up by focusing on energy-saving building materials in his Spring Statement on 23 March 2022.
Chancellor Rishi Sunak said he was looking new options to maximise the benefits offered by Capital Allowances in his Spring Statement on 23 March 2022.
Chancellor Rishi Sunak made announcements on Research & Development (R&D) in his Spring Statement on 23 March 2022, including a future shake-up to reduce abuse.
The Chancellor Rishi Sunak made the following announcements on Income Tax and National Insurance in his Spring Statement on 23 March 2022:
The Chancellor Rishi Sunak made the following announcements on fraud prevention in his Spring Statement on 23 March 2022, including the creation of a new Public Sector Fraud Authority. The government is budgeting £48.8 million of funding over three years.
Chancellor Rishi Sunak gave his Spring Statement on 23 March 2022: these are our live highlights, introducing a rise in the National Insurance contribution (NICs) threhold and 0% VAT on energy saving products, increased capital allowances and a reduction in Income tax from 2024. A more detailed summary will follow later today. The chancellor refered to the on-going war in Ukraine and how his is considering the UK's responses to that war and to our security in that respect and in the state of our economy.
In HMRC v AML Tax UK Ltd [2022] UKUT 00081, the Upper Tribunal granted HMRC's request for a higher than usual penalty to be applied to the taxpayer for failure to provide information under a Schedule 36 notice. This was despite the fact that the penalty was tax based and HMRC were unable to assess the liability due to a lack of information.
In Mark Campbell v HMRC [2022] TC08398, the First Tier Tribunal (FTT) concluded that the purchase, modification and sale of four properties in five years was not trading and was subject to Capital Gains Tax (CGT). No Principle Private Residence (PRR) relief was available on the disposals as the properties did not have sufficient quality of occupation.
Following the Bank of England’s recent announcement increasing the base rate, HMRC have announced that their late payment interest rate will also increase by 0.25%, to 3.25%, from 5 April 2022.