HMRC’s recent Stakeholder Digest (11 May 2022) rounds up the following developments:
Financial support options for SMEs: a reminder of the following government support schemes for small and medium-sized businesses:
£5,000 NICs employment allowance from tax year 2022–23;
discount of up to £5,000 on software, with ‘Help to Grow’;
business rates reduction and rates multiplier frozen, with exemption on a range of green technologies; and
capital allowances super-deduction and annual investment allowance reminder.
Moscow stock exchange status: investors who trade in securities on the Moscow Stock Exchange are no longer able to access UK tax benefits, as part of the UK government’s sanctions. HMRC has confirmed revocation of the Moscow exchange as a recognised stock exchange.
Updated HMRC guidance on tips, gratuities and service charges: HMRC’supdate on how tips, gratuities, service charges and troncs are taxed explains that, where customers choose to pay tips directly to staff, each employee is responsible for declaring these earnings to HMRC so it can adjust their tax code. However, the payments are not subject to NICs (unless collected and distributed by the employer). This reflects the increasing shift in customers giving tips electronically.
EU import controls: a reminder thatremaining import controls on EU goods will no longer be introduced in July 2022.
New data on transfer pricing and diverted profits tax: HMRC has recently published statistics on the transfer pricing rules and diverted profits tax.
HMRC’s recent Stakeholder Digest (11 May 2022) rounds up the following developments:
Financial support options for SMEs: a reminder of the following government support schemes for small and medium-sized businesses:
£5,000 NICs employment allowance from tax year 2022–23;
discount of up to £5,000 on software, with ‘Help to Grow’;
business rates reduction and rates multiplier frozen, with exemption on a range of green technologies; and
capital allowances super-deduction and annual investment allowance reminder.
Moscow stock exchange status: investors who trade in securities on the Moscow Stock Exchange are no longer able to access UK tax benefits, as part of the UK government’s sanctions. HMRC has confirmed revocation of the Moscow exchange as a recognised stock exchange.
Updated HMRC guidance on tips, gratuities and service charges: HMRC’supdate on how tips, gratuities, service charges and troncs are taxed explains that, where customers choose to pay tips directly to staff, each employee is responsible for declaring these earnings to HMRC so it can adjust their tax code. However, the payments are not subject to NICs (unless collected and distributed by the employer). This reflects the increasing shift in customers giving tips electronically.
EU import controls: a reminder thatremaining import controls on EU goods will no longer be introduced in July 2022.
New data on transfer pricing and diverted profits tax: HMRC has recently published statistics on the transfer pricing rules and diverted profits tax.
