In July 2021 HMRC opened a consultation ‘Reporting rules for Digital Platforms’ which considers the implementation of the new Organisation for Economic Co-operation and Development (OECD) Model Reporting Rules for Digital Platforms.
SME Tax News
HMRC have issued new guidance for executors and personal representatives on how to register and manage an estate for Income Tax and Capital Gains Tax purposes.
In Tinkler v HMRC [2021] UKSC 39, the Supreme Court examined the conditions for estoppel by convention, finding that an agents action in complying with an enquiry notice rendered a tax enquiry and a subsequent issued closure notices valid, even though the original enquiry notice was invalid.
HMRC have released notes from their Wealthy External Forum conference call which covered the conclusions to their research into the use of Family Investment Companies. The research was undertaken with a view to better supporting taxpayers understand and comply with their tax obligations.
In Alan Loughrey v HMRC [2021] TC08198, the First Tier Tribunal (FTT) allowed a taxpayer to appear against discovery assessments. He was not careless and the HMRC's 'hypothetical officer' should have considered Real-Time Information (RTI) to ascertain there was a shortfall of tax within the normal enquiry deadline.
‘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.
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.