‘Government response to the consultation on changes to the audit fees methodology for allocating £15 million to local bodies’ has been published. Some 548 principal bodies will have access to £15m in grant funding to assist them in financing increased audit fees as the government attempts to improve audit standards.
SME Tax News
The IR35 rules have applied to private sector engagements since April 2021 except where the end-client is small. Part of the test to see if you are small considers the turnover of both the end-client and all ‘connected’ persons.
HM Treasury has published a consultation on ‘Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022' and ‘Call for Evidence: Review of the UK’s AML/CFT regulatory and supervisory regime’.
Missed our SME Tax Web-updates in July? Here is a summary of the month.
Hello,
This week we briefly stray away from tax to summarise the government’s five-year review of the Women in Finance Charter as it’s such an important topic. Although more women are being employed at the executive and board level than in 2016, with an average 50% increase, the review estimates that it is still going to take until 2033 for financial services to achieve gender parity. On the government’s timetable, we will all be driving electric cars before there is a gender balance in financial institutions.
In the light of recent high profile cases concerning the employment status of media personalities, HMRC have updated the Employment Status Manual (ESM). It now includes examples of different types of engagements and whether or not the individual would be considered to be employed in those circumstances.
As taxpayers continue to work from home due to Coronavirus, we provide an update on tax relief available for the costs of homeworking.
In Robert Perlman v HMRC [2021] TC08168, the First Tier Tribunal (FTT) dismissed the taxpayer's appeal against Schedule 36 information notices finding that the information requested was reasonably required to check his tax position.
In Murphy & Anor v HMRC [2021] EWHC 1914 (Admin), the High Court on judicial review ruled that UK source income distributed to UK resident beneficiaries of a Non-resident discretionary trust must be paid within six years if credit is to be given for UK Income Tax paid by the trustees.
A five-year review of the Women in Finance Charter estimates that it is still going to take until 2033 before financial services achieve gender parity at the board and executive level. Based on current appointment rates there is little hope of ever seeing any women on the boards of hedge funds in this lifetime.