In February 2022, HM Treasury published 'Online sales tax: Assessing an option to help rebalance taxation of the retail sector'. It asks whether using indirect taxation is a viable alternative to business rates.
SME Tax News
HMRC have published new advisory fuel rates for company car drivers which apply from 1 March 2022.
Gordon Brown, the former Prime Minister and Chancellor of the Exchequer, has been awarded an Honorary Fellowship of the Chartered Institute of Taxation (CIOT) for his outstanding contribution to taxation.
Hello,
We have a new HMRC Agent update, a new, and maybe controversial HMRC interpretation of the purchase of own shares rules, plus some interesting cases and updates.
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".
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.