The Scottish Government has launched a call for evidence ‘The Land and Buildings Transaction Tax Additional Dwelling Supplement’ which seeks views on the operation of the Additional Dwelling Supplement (ADS).
SME Tax News
In TR, SP and SR Rogers v HMRC [2021] TC08342, the First Tier Tribunal (FTT) found that legal expenses incurred by a partnership in defending a partner against a specific criminal charge were incurred wholly and exclusively for the purpose of the partnership’s trade.
In Christine Bradley v HMRC [2021] TC08344, the First Tier Tribunal (FTT) found that Class 3 National Insurance Contributions (NICs) paid in error should be refunded by HMRC.
The OECD has published further details for the Global Anti-Base Erosion (GloBE) rules that form part of Pillar Two of its ongoing work against Base Erosion and Profit Shifting (BEPS). These are the rules that aim to ensure a minimum global tax rate of 15% for all large Multi-National Enterprise groups (MNEs).
Missed our SME Tax Web-updates in December? Here is a summary of the month.
Hello,
This is our last newswire of the year. We have lots of useful news on new COVID-19 support, the Welsh budget and interest rate changes, together with case reports and updates. I am also very worried about Making Tax Digital (MTD) and the proposal for quarterly payment of Income Tax.
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
In Hotel La Tour Ltd v HMRC [2021] TC08335, the First Tier Tribunal (FTT) found that the sale of a subsidiary was a means of fundraising that could be directly linked to future trading activities. This allowed the input VAT on associated professional fees to be reclaimed.
The government has published 'The future of insolvency' in which it proposes an independent insolvency business watchdog. The industry was labelled as the 'wild west' by a cross-section of MPs earlier this year, and the document outlines wide-ranging changes to the sector.