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SME Tax News
Hello,
This week we note changes to Welsh Land Transaction Tax (LTT), a variety of HMRC ‘nudge’ letters, and some of the latest decisions from the tax tribunals, including the VAT status of fundraising activities by charities, a non-resident's appeal against Self Assessment late filing penalties and Capital Allowances at ports.
In The Mersey Docks and Harbour Company Limited v HMRC [2024] TC09391, the First Tier Tribunal (FTT) allowed a claim for Plant and Machinery Allowances (PMAs) for expenditure incurred on the construction of a quay wall. The quay wall was a distinct asset that functioned as 'plant' and was not part of the premises in which the business is carried on.
In SWG Polymer Services Ltd v HMRC [2025] TC09398, the First Tier Tribunal (FTT) found that Coronavirus Job Retention Scheme (CJRS) payments made whilst an employee was still working were invalid and should have been repaid to HMRC.
The Welsh Government has laid draft regulations to amend the Land Transaction Tax (LTT) rules surrounding the combined use of Multiple Dwellings Relief (MDR) and the Subsidiary Dwelling Exception (SDE).
HMRC are sending letters and e-mails to delivery drivers who they believe may need to register for Self Assessment in 2023-24.
HMRC are sending one-to-many letters to estate agents, informing them of the requirement to register for Anti-Money Laundering (AML) supervision if they are engaged in activities defined by the Estate Agency Act 1979.
The Institute of Chartered Accountants in England and Wales (ICAEW) note that HMRC are sending 'One-to-many' e-mails to the Private Equity businesses reminding them of their VAT accounting procedures. The e-mails highlight the importance of following HMRC’s industry specific guidance at PE79000.
The Institute of Chartered Accountants in England and Wales (ICAEW) is warning agents to ignore text messages from 'TaxGateway'.
In Mohammed Muhsen Yaqoobi v HMRC [2024] TC09388, the First Tier Tribunal (FTT) found that living abroad, postal delays and limited internet access were not reasonable excuses for the late submission of a Self Assessment return.
