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.
SME Tax News
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.
Hello,
We have been gripped by accounting and IT stories in the news this week.
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.
HMRC have advised that companies seeking Corporation Tax repayments following loss carryback claims will have their claims dealt with automatically within eight weeks if the repayment box is ticked on the CT600 return.
In March 2021 HM Treasury published 'Fundamental Review of Business Rates', an interim report, providing an overview of responses to July 2020's Call for Evidence and subsequent policy decisions in advance of a final report which is expected in Autumn 2021.
Following publication of the Treasury Direction for the fourth Self-Employment Income Support Scheme (SEISS) grant, taxpayers and agents should be aware of the obligation to notify HMRC of amendments to tax returns.