Tax

Tax | 66,500 filed self assessments on 6 April

Official HMRC data revealed that 66,500 people filed their self assessment on the first day of the tax year

12 May 2022

HMRC

Tax | Taxpayer wins £82k stamp duty case

A taxpayer has won their claim for multiple dwellings relief (MDR) case with the court ruling that the stamp duty land tax due was £13,000 and not £82,000

12 May 2022

Property tax

Tax | A super tax for energy investors

Public interest business protection tax is designed to act as a deterrent for large companies looking to monetise valuable assets that may cause energy supply companies to fail. Christy Wilson, associate at Katten Muchin Rosenman UK LLP, explains

12 May 2022

Tax | HMRC Stratford site opens at Olympic Park

HMRC’s Stratford regional centre in East London was formally opened by chief executive Jim Harra last week

11 May 2022

HMRC

Insight

Tax | Court refuses appeal for £855k VAT repayment

HMRC has been allowed to strike out an application for VAT repayment of £855,000 as the taxpayer was barred from appealing

11 May 2022

VAT

Tax | Number of employee ownership trusts surges

There has been a dramatic increase in the number of companies making applications to HMRC to become employee-owned through share trusts

11 May 2022

Tax | HMRC clarifies points-based VAT penalty framework

HMRC has issued guidance setting out the changes to VAT penalties and interest charges that will apply to everyone who submits a VAT return from 1 January 2023

11 May 2022

Tax | Understanding BADR dilution protection elections

Croner-i tax experts examine the rules when using business asset disposal relief (BADR) and the importance of maintaining adequate share holdings to protect tax relief

11 May 2022

Tax | Court overturns decision on £143k tax case

The court has overturned a previous ruling concluding that as the taxpayer offered no case for the entirety of their £143,000 tax appeal then it must be all withdrawn and all seven appeals dismissed

10 May 2022

Tax | Q&A: super deduction and pre-trading expenditure

In this week’s Q&A, Croner Taxwise tax adviser Tom Butt, considers whether there are limits on the type of plant and machinery investments eligible for the super-deduction tax relief

10 May 2022

Tax | Almost 32,000 reclaims for overpaid inheritance tax

Families in the UK have made nearly 32,000 reclaims for overpaid inheritance tax in the past six years, figures obtained by financial advisers NFU Mutual reveal

10 May 2022

Tax compliance

Tax | Settlement of director’s loan was ‘contrived’

The GAAR advisory panel has ruled that a scheme involving the creation and sale of pension obligations to settle a director’s loan breaks the tax rules

10 May 2022

Tax compliance

Tax | Appeal against £22k tax allowed due to agent fraud

A taxpayer has been allowed his late appeal against a discovery assessment of £22,896.60 ruling that the late appeal was justified as the case involved fraud, Covid-19, and working on offshore oil rigs

9 May 2022

Tax | Overhaul of capital allowances tax relief under review

The government has set out proposals to reform the capital allowances regime to encourage more business investment with a radical option to introduce full expensing of main rate plant and machinery

9 May 2022

Consultations

Tax | Clampdown on profit shifting brings in extra £2.16bn tax

HMRC has collected an extra £2.16bn in tax from investigations into large businesses shifting profits overseas to avoid tax

9 May 2022