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This Practical Tax Database and Virtual Tax Partner® Toolkit is your online tax partner. It answers all your key tax FAQs, is packed with useful and practical tax and business guidance.

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Hello again

This time we have a short web-update as we re-visit a case from last year - featuring incorporation and letting. Even though it is the only case on s162 incorporation relief, and the decision came from the Upper Tier Tribunal, HMRC have not adjusted its manuals. Probably an oversight on their part, or maybe a lack of budget?

This is a freeview 'At a glance' guide to capital loss relief on share options.

 Hello

This week's tax update is a tax penalty and appeals special. No one in public practice can be surprised to note that late filing and late payment penalty appeals are taking up a substantial amount of the First Tier Tribunal's (FTT) time. They take up a substantial amount of everyone's time.

HMRC's definition of 'reasonable excuse' makes for a waste of time and resources: it is "too narrow" according to First Tier Tribunal Judge Ann Redston. As a result cases come to the Tribunal when they could be resolved by HMRC.

HMRC has been sending out around 1,000 'nudge' letters to individuals paying tax at a lower-than-expected effective tax rates. This is a trial and not publicised campaign.

The government department, Business Innovation & Skills (BIS) has published a response to a consultation document relating to greater transparency and trust in UK business and included a proposal to prohibit corporate membership of LLPs.

  1. Nichola's SME Tax W-update 29 May 2014
  2. Valuation of goodwill: Accountancy practice defeats HMRC
  3. Swiss list top 10 destinations for offshore evasion
  4. Nichola's SME Tax w-update 22 May 2014
  5. Nichola's SME Tax W-update 14 May 2014

 

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