Hello
This week we have a new Agent and Trusts update, along with updates on a range of other guides; however, as it is tax return time, we also revisit some old classics. We review some tribunal decisions which illustrate just why you need to be extremely careful with dates and deadlines in tax.
HMRC have confirmed that where an employer reimburses an employee for the cost of a Coronavirus test, that reimbursement will be exempt from Income Tax and National Insurance.
In Smith Homes v HMRC [2020] TC7914, an attempt to use an Overpayment relief claim to try and facilitate a late claim for SDLT relief failed to extend the statutory deadline for amending a claim in a return. The claim invalidated HMRC's enquiry process but the First Tier Tribunal (FTT) unravelled the resultant mess and found for HMRC.
HMRC have opened a new consultation ‘Follower Notices and penalties‘ inviting views on proposed changes to penalties that may be charged to people receiving Follower Notices as a result of using avoidance schemes.
HMRC have issued the Agent Update for December 2020. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Mohammed Masbah Uddin v HMRC [2020] TC7918, the First Tier Tribunal (FTT) found that HMRC was operating double standards when it withheld out of time tax from a foreign student's claim for a tax refund.
Companies House and The Department for Business, Energy & Industrial Strategy (BEIS) have opened three consultations seeking to crack down on company fraud and improve corporate transparency.
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
HMRC have published a draft CT600 supplementary page to be used in respect of Research and Development claims from 1 April 2021.
The Wealth Tax Commission has published ‘A wealth tax for the UK’ which calls for a one-off UK wealth tax of five per cent on assets above £500,000. It should raise over £260bn for public finances hard hit by COVID-19.