In the run-up to the 31 October 2024 paper tax return filing deadline, HMRC have announced that printed copies of the tax return from GOV.UK will be accepted.
SME Tax News
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The leading tax bodies are mid-way through a pilot on HMRC service standards, but almost pre-empting their conclusions, HMRC has announced that it has already made changes to its agent helplines. Apparently, agents are responsible for clogging up the technical lines so HMRC has created a new option for chasing refunds.
In Putney Power Limited and Piston Heating Services Limited v HMRC [2024] TC09300, the First Tier Tribunal (FTT) denied EIS relief as neither company was found to be ready to trade by the required deadline.
From 7 October 2024 HMRC is introducing changes to its telephone and online service for agents handling Self Assessment (SA) and PAYE queries including a new option for chasing tax repayments.
In Strictly Money Ltd v HMRC [2024] TC09296, SME R&D relief for subcontractor expenditure was denied because the expenditure was not wholly and exclusively incurred for the company’s trade.
In Julian Lowe v HMRC [2024] TC9285, four years of Discovery Assessments for allegedly overclaimed travel and subsistence expenses were invalid. HMRC was unable to provide any evidence to substantiate its officer's decision to make a discovery.
In Mr Brzezicki v HMRC [2024] TC9294 the tribunal was divided as to whether a trout stream with an island was residential land for Stamp Duty Land Tax (SDLT) or not. The chair confirmed the appeal using her casting vote.
In Mark Stewart Wyatt v HMRC [2024] TC09297, the First Tier Tribunal (FTT) found that Discovery assessments made on a property developer were invalid: they assessed both Income Tax and Capital Gains Tax (CGT) on the same transactions.
HMRC have confirmed that new regulations will be issued allowing certain fractional shares to be held in an Individual Savings Account (ISA). This confirms a change in HMRC's advice from October last year when it said fractional shares could not be held in ISAs and Child Trust Funds (CTFs).
Missed our SME Tax Web-updates in September? Here is a summary of the month.