Online Digital Platform Operators that are Online Marketplaces have to register with HMRC and report details of people who sell goods and services to buyers from their platforms. This creates a new Customer Due Diligence (CDD) requirement. While HMRC is still building its new Digital Platform reporting service, online operators need to start their own CDD systems to ensure they capture and record the right data.
The Institute of Chartered Accountants in England and Wales (ICAEW) new Professional Indemnity Insurance (PII) limits and regulations apply from 1 September 2024. The changes follow last year's review by its Professional Indemnity Insurance Committee (PIIC).
HMRC have commenced another one-to-many campaign, this time targeted at taxpayers already in Self Assessment who have either declared the wrong amount of Child Benefit or missed it off their 2022-23 tax return completely. Where this is the case, the High-Income Child Benefit Charge (HICBC) will be incorrectly calculated.
In Rahman v Hassan [2024] EWHC 2038 (Ch), the family of the late Al-Hasib Al Mahmood has been permitted to appeal the High Court's decision regarding a deathbed gift of registered land.
HMRC are launching another one-to-many campaign aimed at dog and cat breeders. Their particular concern is that many animal breeders have failed to register for self-assessment.
Hello,
This week, we wonder whether HMRC are sending out too many 'One-to-many' letters, we muse on the fact that it has taken HMRC seven years to issue Simple Assessments and we consider tax on public sector pay. We have more news and case reports too.
In HMRC v HFFX LLP [2024] EWCA Civ 813, the Court of Appeal (CoA) affirmed the Upper Tribunal's (UT's) decision that allocations by a corporate member of a mixed member partnership to individual members constituted miscellaneous income.
In David Marks (Executor of Hilda Marks) v HMRC [2024] TC09253, executors failed in their efforts to reinterpret a will trust and thus rewrite an earlier estate IHT return to improve tax relief for charitable donations.
In Cranham Sports LLP v HMRC [2024] UKUT 209, the Upper Tribunal (UT) refused to allow a late appeal in an IR35 case when the taxpayer’s representative filed objections against HMRC's conduct but failed to object to the outcome of Statutory Review in time.
Following the reduction in the Bank of England base rate by 0.25%, HMRC's interest rates for late payments and the repayment of tax will also be reduced.