HMRC have updated their guidance regarding the joint election required for Capital Gains Tax (CGT) Holdover Relief in light of the current Covid-19 restrictions.
SME Tax News
In University of Southampton Students’ Union (USSU) v HMRC [2020] TC07896, the First Tier Tribunal (FTT) held that the USSU’s sales of hot food and coffee did not fall within the exemption for the provision of education and VAT was payable.
Hello
It looks as if HMRC and HM Treasury have new batteries! We have a collection of new policy papers and announcements from the Treasury: all measures tabled for the next finance act. I have a feeling that it will be a whopper.
HMRC are contacting an increasing number of employers who may need to repay some, or all, of the grant they received under the Coronavirus Job Retention Scheme (CJRS).
In Stephen and Lisa Core v HMRC [2020] TC07917, the First Tier Tribunal (FTT) allowed the taxpayers’ private residence relief claims despite their occupation of the dwelling only lasting six to eight weeks.
HM Treasury have opened a new consultation 'Making Tax Digital for Corporation Tax' inviting views on how the principles of Making Tax Digital (MTD) could be implemented for Corporation Tax.
The Annual Investment Allowance expenditure amount has been extended to £1 million until 31 December 2021.
In Dr J Gibson (deceased) vs HMRC [2020] TC07916, the First Tier Tribunal (FTT) allowed the taxpayer’s late claim for pension enhanced protection finding the taxpayer had a reasonable excuse and had notified HMRC of the claim without unreasonable delay.
In March 2020, HMRC published 'Preventing abuse of the R&D tax relief for SMEs: Second consultation'. It looked at the design of the PAYE cap being introduced to prevent abuse of the R&D payable tax credit. The new cap will apply from April 2021.
In a 'Summary of Responses to its Tackling Construction Industry Scheme (CIS) Abuse consultation', HMRC confirms several changes to the CIS rules' new limits for deemed contractors and clarification as to when subcontractors may claim a deduction for the cost of materials.