SME Tax News

HMRC have acknowledged that Notices to File Self Assessment returns for 2020-21 have incorrectly been issued to some Non-Resident Corporate Landlords (NRCL). The issue came to light after a number of advisers complained to the Chartered Institute of Taxation (CIOT).

The COVID-19 pandemic may have transformed our attitudes to work and commuting. The lockdowns of 2020 highlighted the impact we can have on the environment. As business re-starts, we can evaluate a new normal. What can you do and, what tax incentives are currently on offer, to assist you in running a more climate-friendly business?

The Public Accounts Committee (PAC) has published a report criticising HM Treasury (HMT) and HM Revenue & Customs (HMRC) on their lack of a clear plan as to how tax revenues will help the government achieve its environmental objective of having net zero emissions by 2050.

HM Treasury has published 'Residential Property Developer Tax (RPDT): Consultation on policy design', a new tax that forms part of its Building Safety Package ahead of its inclusion in the 2021-22 Finance Bill. This measure targets only the largest developers.

In Boston Khan v HMRC [2021] EWCA Civ 624, the Court of Appeal agreed that a company purchase of its own shares was not part of a wider arrangement whereby the taxpayer acquired a controlling interest in the company. The conditions for capital treatment were not met and the repurchase was a distribution.

Missed our SME Tax Web-updates in April? Here is a summary of the month.

HMRC have published their Stamp Taxes news for April 2021. This is our enhanced version with links to our guides and SDLT tools.

Thousands of fixed penalty notices were incorrectly issued in March 2021 and HMRC have advised that it was due to software issues. All affected penalty notices have been reissued.