Owner-Managed Businesses

Weekly tax highlights ― 25 April 2022

Produced by Tolley
  • 19 May 2022 07:02

The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Weekly tax highlights ― 25 April 2022
  • Direct taxes
  • Updated loan charge guidance
  • HMRC to recover overpayments of SEISS grants
  • Indirect taxes
  • VAT Notice 700/64: Motoring expenses
  • International
  • Consultation on ‘extractives’ exclusion from Amount A
  • UK to revoke Moscow Stock Exchange’s status
  • Belize and Cameroon ratify BEPS Multilateral Instrument
  • More...

Weekly tax highlights ― 25 April 2022

Direct taxes

Updated loan charge guidance

HMRC has updated its guidance document ‘HMRC issue briefing: settling disguised remuneration scheme use and/or paying the loan charge’. Various sections are either added or updated, clarifying existing practice in relation to the loan charge, points to note include:

  1. Where taxpayers elected to spread the loan charge over three years, but have not filed their 2020–21 tax return, a determination can be issued which HMRC says: ‘enables HMRC to pursue an estimated amount of tax as encouragement to customers to file their outstanding return and pay what is due’

  2. A new section ‘Plans for April 2022 to March 2023’ notes that HMRC intends to start bringing cases where taxpayers did not declare the loan charge but were expected to do so to a conclusion through contract settlements and closure notices. Where taxpayers are subject to the loan charge and still have disguised remuneration (DR) scheme use to resolve, HMRC will continue to take compliance action in relation to the year in which they used DR. This could, says HMRC, include taking action to protect HMRC’s position via enquiries and assessments

HMRC to recover overpayments of SEISS grants

From April 2022, HMRC is writing to taxpayers whose entitlement to the fourth and/or fifth self-employment income support scheme (SEISS) grant has gone down by more than £100, asking them to repay the overpaid amount. HMRC will explain how it has calculated the revised amount and the steps taxpayers need to take.

If an amendment

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