HM Treasury have released a summary of the responses to their 'Call for Evidence on Social Investment Tax Relief' (SITR).
SME Tax News
HMRC have published a consultation on the requirement for anyone providing tax advice to hold professional indemnity insurance. The consultation will also consider the definition of tax advice. The consultation will close on 15 June 2021.
The Financial Secretary to the Treasury has written on behalf of the Chancellor to the Office of Tax Simplification (OTS) in response to the first report on Inheritance Tax. The response details two new measures announced.
HMRC have published a summary of responses to their call for evidence: ‘Tackling disguised remuneration tax avoidance’ where the government sought views on what drives the continuing use of Disguised Remuneration schemes, and what further action they might take to deal with them.
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We have a blend of old and new for you this time as we look at last-minute tax planning for the end of another tax year and topical tax tips for the start of the new one.
Late filing penalties will soon be issued for the 1.1 million taxpayers who failed to file their returns by 28 February 2021. It is understood that HMRC are planning on allowing bulk appeals, where the reasonable excuse is COVID-19.
In Cheshire Cavity Storage 1 Ltd & Anor v HMRC [2021] UT 0156, the Upper Tribunal (UT) dismissed the appellants appeal against the FTT decision denying a capital allowances claim on the creation of underground storage cavities for the storage of gas.
In Andrew & Tiffany Doe v HMRC [2021] TC08003, the First Tier Tribunal (FTT) dismissed the appellants appeal against an HMRC closure notice denying Multiple Dwellings Relief (MDR) on the purchase of a property with annexe. The FTT also concluded the HMRC enquiry had been raised within the required time limits.
In Ball Europe Limited v HMRC [2021] TC8010, the First Tier Tribunal (FTT) prevented HMRC from making a late £11.05 million Corporation Tax assessment in respect of a loan relationships mismatch because HMRC should have seen that there was an untaxed gain from the basic notes to the company's accounts.
The March 2022 deadline for non-taxpaying trusts to register with the Trust Registration Service (TRS) has been extended indefinitely by HMRC following delays to the redesign of the online system.