The 2022 Budget is due to be held on Wednesday 23 March 2022. The Chancellor of the Exchequer has commissioned the Office for Budget Responsibility (OBR) to produce an economic and fiscal forecast for that day.
You will be able to find full budget coverage here.
Happy New Year,
The year has kicked off with the welcome announcement by HMRC that there will be a penalty waiver for late-filing and payment of Self Assessment returns.
What a year! 2021 saw the government make many significant tax announcements as it aimed to revive the economy in the wake of the COVID-19 pandemic and the handing out of unprecedented levels of financial state aid. It was a year of total contrast for businesses and their owners.
To ease COVID-19 pressures HMRC have announced that they will waive penalties for late filing and payment of 2020-21 Self Assessment returns and tax liabilities as long as returns are filed by 28 February and payments made by 1 April 2022.
In a recent press release, HMRC have confirmed that their Fraud Investigation Service (FIS) has collected over £1 billion from the proceeds and crime and tax offenders since it was established in 2016.
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).
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.