In The Executors of David Harrison (deceased) & Anor v HMRC [2021] UKUT 0273, the Upper Tribunal (UT) dismissed an appeal against HMRC's refusal to accept a late notification of Fixed Protection 2012 for pension purposes. The UT found that the First Tier Tribunal (FTT) did not have jurisdiction to consider HMRC’s exercise of discretion.
SME Tax News
Company owners can now inform HMRC that their company's are dormant for Corporation Tax purposes through their online service.
In Little Piece of Paradise Limited v HMRC [2021] TC08300, the First Tier Tribunal (FTT) found that Sky Sports presenter Dave Clark was a deemed employee for the purposes of IR35 and his SKY TV contract with a subsequent PAYE and Class 1 NICs liability of over £280,000.
HMRC have updated the 'Property Income Manual PIM4110' to provide further COVID-19 related guidance on meeting the Furnished Holiday Letting (FHL) conditions in 2020-21.
HMRC have started writing to UK domiciled taxpayers and their agents about Capital Gains Tax (CGT) where HMRC have third party information that indicates they hold or have held, investments in cryptoassets.
HM Revenue & Customs (HMRC) have released their 'Consultation outcome: Basis period reform'. The responses cover the proposed changes to the basis period rules which affect unincorporated businesses. The proposal to align the tax and accounting years for unincorporated businesses will be included in Finance Bill 2022.
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The draft Finance Bill 2022 was published today; this follows last week's Budget announcements. We continue our evaluation of Autumn Budget 2021 materials and we review consultation outcomes.
The Finance Bill 2022 introduces a number of measures that will extend or increase the reliefs available to businesses in the creative sector, including museums, theatres, galleries, orchestras and film production companies.
HM Treasury (HMT) has released its response to its consultation 'Residential Property Developer Tax' (RPDT) which is to be introduced from April 2022. The tax is aimed at raising funds for building safety remediation works.
The government has published 'Consultation: The new alcohol duty system' which outlines a new structure of alcohol duty, including new rates and reliefs, and it is seeking views on the proposals.