In Stephen Ray v HMRC [2024] TC09340, the First Tier Tribunal (FTT) found that being party to a judicial review was no excuse for late payment of Accelerated Payment Notices (APN) and penalties by their due date.
SME Tax News
In Paul Needham vs HMRC [2024] TC09342, the First Tier Tribunal (FTT) found that failure to receive ‘notice to file’ letters and a prolonged lack of engagement from HMRC, were not reasons to permit a late appeal.
In the Autumn Budget 2024, the Government issued a rather unusual Call for evidence on 'Tackling off-shore anti-avoidance'. The premise sounds simple: to understand the complexities of the Settlements legislation, the Transfer of Assets Abroad legislation and Capital Gains Tax in relation to offshore avoidance.
It was announced at Autumn Budget 2024 that unused pension funds and death benefits will be subject to Inheritance Tax (IHT) from 6 April 2027. A new consultation considers the mechanics of IHT collection and includes several useful examples to illustrate how the new rules will be applied to different types of schemes. Transfers to overseas pensions will also now be in charge. We take a close look.
In Collins Construction Limited (CCL) v HMRC [2024] TC09332, a company's claim for SME R&D tax relief was upheld by the FTT, who found, contrary to HMRC's allegations, that the relevant expenditure was not subsidised and it was not incurred in relation to activities which were contracted out to it either.
Hello
We are continuing to dissect key announcements from the Autumn Budget 2024 this week and we have created a number of adviser and client briefings which we hope you will find useful.
It was announced at Autumn Budget 2024 that the question as to whether a double cab pick-up is a car or a van will not be decided purely on the basis of weight. This policy will apply from 6 April 2025.
In Isaac Aboagye Frempong vs HMRC [2024] TC09347, the First Tier Tribunal (FTT) confirmed that an inquiry raised by HMRC to assess undeclared income was valid since the payments received were receipts for payment of services as a tax agent.
The Government is extending 'tax conditionality' to animal welfare, transport and waste sectors in the UK and this will likely roll out to further sectors too. A new consultation was published in Autumn Budget 2024 ‘Tackling the hidden economy: expanding tax conditionality to new sectors’. It considers, amongst other factors, whether HMRC can share data with other regulators.
HMRC have published a response to their consultation ‘Raising standards in the tax advice market – strengthening the regulatory framework and improving registration’. This outlines potential approaches to strengthen the current regulatory system and tackle non-compliance in the tax advice market, including mandatory membership of a recognised professional body.
