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Nichola's SME Tax W-update 5 Nov 2015
Hello
Good news at last for HMRC, in a week that was otherwise looking rather bad. The Scottish Court of Session have found that loans made to executives of the Murray Group and former Rangers FC players were not really loans at all but employment income.
No (sideways) loss relief for farming
In Peter Silvester v HMRC [2015] TC04682 a farmer was denied sideways loss relief, despite changing his business model. HMRC was entitled to make a discovery assessment on losses, even though losses were reported every year.
BEPS & Diverted Profits Tax (for SME owners)
This is a freeview 'At a glance' guide to BEPS and Diverted Profits Tax.
Restitution interest to be taxed at 45%
A new clause has been added to the Finance Bill 2015-16. It allows HMRC to deduct a 45% rate of corporation tax on compound interest which has been awarded to a company in respect of a restitution claim.
Nichola's SME Tax w-update 23 Oct
Hello
This time, amongst other things, we report a self-employed travel expenses case which is guaranteed to perplex and confuse.
HMRC scrap business record checks
In a move described by the Chartered Institute of Taxation (CIOT) as a "victory for common sense" HMRC have announced that they are phasing out business records checks (BRCs).
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