What is BEPS? What is Diverted Profits Tax? Will either of these affect me or my SME clients?
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).
Home office to work travel disallowed again
In David Jones V HMRC [2015] TC04643 a self employed consultant anaesthetist with an established private practice at his home was denied tax relief for travel to two of the hospitals at which he visited for work: the number of his visits made his attendance "regular and predictable". Travel to and from home to other hospitals was allowed.
State pension top up
People reaching State Pension age before 5 April 2016 have the chance to top up their state pension by up to £25 per year by making class 3A voluntary contributions before 5 April 2017.
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