HMRC have published their responses to their March 2021 Call for Evidence ‘The tax administration framework: supporting a 21st century tax system’.
SME Tax News
HM Treasury has released ‘2021 Review of the Office of Tax Simplification: Final Report’ which summarises its review of the Office of Tax Simplification (OTS) in its role as independent adviser to the Chancellor on simplifying the tax system.
Missed our SME Tax Web-updates in November? Here is a summary of the month.
Hello,
This week's Tax Administration and Management Day saw the publication by the government of many new 'Calls for evidence' (a bit like a consultation, but not quite) and some responses to past consultations and 'calls'. We have picked out some of these for review this week and will pick more over the coming weeks.
HMRC's Summary of responses, ‘Raising standards in the tax market: professional indemnity insurance and defining tax advice’ reveals no plans to introduce compulsory Professional Indemnity Insurance (PII) and a desire to create a legislative definition of 'tax advice'.
In Assem Allam v HMRC [2021] UKUT 0291, the Upper Tribunal (UT) found that the Transactions in Securities provisions did not apply when a wealthy entrepreneur sold his property company to his trading group for nearly £5m in cash, despite earlier clearance being denied. There was no evidence of any tax avoidance motive.
In Hargreaves Property Holding Limited v HMRC [2021] TC08310, the First Tier Tribunal (FTT) found that despite extensive offshore loan restructuring, loan interest paid from profits arising from UK assets was from a UK source. It was subject to withholding tax on the payment to non-UK recipients.
HMRC has published the result for recent research, ‘Understanding the characteristics of unaffiliated tax agents’. It explores the characteristics of unaffiliated tax agents, those agents who are not members of a professional body. It seems that these agents fall into four different typologies.
HMRC have opened a Call for Evidence, 'Modernising Tax Debt Collection from Non-Paying Businesses'. The paper is seeking views on how HMRC can adapt its approach to debt collection.
HMRC have released, 'Timely payment: summary of responses'. These responses include views on the opportunities and challenges of using in-year calculations to calculate Corporation Tax for small companies and Income Tax liabilities.