In HMRC v Raymond Tooth [2021] UKSC 17, the Supreme Court ruled on two important issues in relation to HMRC's powers in making Discovery Assessments. Entering the correct figures in the wrong boxes of a tax return because there is nowhere else in the return to put them and to then make a full disclosure of that fact, cannot be construed as a deliberate error and the concept of 'staleness' in respect of assessments has a very narrow application.
SME Tax News
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We have some useful new tools for you this week, all covering some tricky but topical areas of tax.
HMRC have issued guidance on what mini-umbrella company fraud is. It follows a BBC Radio File on 4 programme which revealed that as many as 48,000 companies had been created in the last five years under such arrangements, at a cost of potentially millions in lost tax revenue.
In Babtunde Iginla v HMRC [2021] TC8081, the First Tier Tribunal (FTT) restricted the amount of costs allowable against a capital gain for lack of evidence but partially allowed the taxpayer’s penalty appeal.
An analysis of the Apprenticeship Levy by the Chartered Institute of Personnel and Development (CIPD) found that employers lost out on £2 billion in apprenticeship training funds and the government scheme had 'failed'.
The Organisation for Economic Cooperation and Development (OECD) has released a report ‘Inheritance Taxation in OECD Countries’ calling on governments to increase taxes to help readdress wealth inequality.
HMRC have issued a new policy paper ‘Get your business ready for the Plastic Packaging Tax’ advising businesses who will be affected by the new tax how to prepare for it.
Hello,
This week we feature updates of some useful and topical tax guides, we have a consultation on a new tax for residential property developers, news of more accidental mail-outs by HMRC and a look at what you can do to make your business more environmentally friendly.
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?