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.
SME Tax News
What do you do if you receive one of HMRC's 'One to Many' letters to agents? The letters should not be ignored. We have put together a step-by-step guide to handling HMRC's one-to-many agent letters and understanding your responsibilities as an agent.
In Furlong Services Ltd v HMRC [2024] TC09252, the First Tier Tribunal (FTT) largely upheld an Information Notice requiring details of football consultancy income received by a company which had only declared income from farming in its tax computations.
HMRC have recently begun issuing one-to-many letters to contractors in the Construction Industry Scheme (CIS) to prompt them to ensure the status of subcontractors is correctly verified and the correct amount of tax deducted from payments made.
HMRC's Wealthy Unit is sending one-to-many letters to those taxpayers HMRC believes have unreported chargeable gains or income from cryptoassets they have sold.
The HMRC Wealthy Unit is sending one-to-many letters to taxpayers who made an Investors' Relief claim in their 2022/23 tax return.
After a seven-year delay, HMRC will start issuing 'Simple Assessments' to 560,000 individuals with tax outstanding for 2023/24 in early Autumn. What are Simple Assessments and why did it take so long to make them?
HMRC have published their list of tax avoidance litigation decisions for 2023-24. This identifies the results in litigation decisions where HMRC considered that tax avoidance was involved. The summary indicates decreased litigation in 2023-24, but a continued high win rate for HMRC.
Missed our SME Tax Web-updates in July? Here is a summary of the month.
Hello,
The new Chancellor, Rachel Reeves, will present her first budget in October and this week published details of some of the new government’s tax reforms. We take a closer look at the changes to Furnished Holiday Letting (FHL) and non-domiciled taxation.
