The Office of Tax Simplification (OTS) has set out the scope for the upcoming review of its approach to and interpretation of ‘tax simplification’. At the same time, it has clarified its aims as an organisation and how it assesses its own progress and success.
SME Tax News
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As Russia's dangerous dictator, Vladimir Putin, continues his violent plans to wipe out the democracy that is Ukraine, all we can do in the UK is to lend support to Ukraine and its people in any way possible. One of the best ways to assist is by making a direct financial donation to the Disasters Emergency Committee (external link). The UK government says it will match our donations, pound for pound up to £20 million.
In Graham Michael Wildin v HMRC [2022] TC08394, an accountant failed in an appeal against £297,630 in Income Tax, VAT, tax penalties and VAT surcharges: after failing to provide evidence that he was conducting a trade. No capital allowances, input VAT and income tax loss relief could be claimed.
Finance Bill 2022 received Royal Assent on 25 February 2022 and became Finance Act 2022.
The Department for Education has announced structural changes to student loans, including a reduction in the repayment threshold, a longer repayment term, lower interest rates and the stripping out of poor quality courses.
The Office of Tax Simplification (OTS) has published 'Property Income Review Scoping Document', this review aims to identify opportunities to simplify the taxation and administration of individuals, partnerships and micro-companies that receive residential rental income.
In John Hargreaves v HMRC UKUT 00034, the Upper Tribunal (UT) remade a decision of the FTT, dismissing an appeal against discovery assessments. The appeal had been made on the basis that HMRC's discovery was stale however the Supreme Court quashed that concept in another case, Tooth. The UT was obliged to follow the reasoning of the higher court and then consider the discovery on its own merits.
The Office of Tax Simplification (OTS) has issued a new policy paper 'Simplification issues affecting tax agents and other intermediaries'. It considers HMRC’s agent strategy and the barriers faced by paid agents and those who are appointed informally to act on behalf of a taxpayer.
Missed our SME Tax Web-updates in February? Here is a summary of the month.
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.