Weekly tax brief | 19 July 2022

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments. Please feel free to share this update with any of your colleagues. 

HMRC performance continues to slide 
Chris Etherington
HMRC’s latest performance statistics appear to show improvement in some areas but dig into the details and there is a worrying trend of worsening performance, with taxpayers and their advisers continuing to face difficulties in resolving matters.

Takeaway owner delivered successful appeal by First-tier Tribunal 
Sian Marsden
Business owners will want to present their business in a positive light when they make the decision to sell. However, in a recent case, the taxpayer went a step too far and inflated his takings in an attempt to sell his business. Despite this, HMRC’s case against the taxpayer failed to hit the mark.

Traps for those building their perfect home
Adam Jefferies
With house prices showing record growth, self-builders may feel that they are getting value for money. However, timing is key in order to not get stung by tax on the eventual sale.

Defined benefit pension scheme? That electric vehicle might not be as cheap as it seems
James Ramshaw 
The drive for more carbon friendly methods of transport is pushing more employees towards electric vehicles (EVs) through salary sacrifice arrangements. Those in defined benefit (DB) pension schemes should be wary of taking the plunge as a big tax bill may await.

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