Whilst some commentators have dismissed Google’s £130m tax settlement covering the past ten years as derisory, some members of the ICAEW and CIOT have taken a different view.
SME Tax News
MPs debated the online petition "Scrap plans forcing self employed & small business to do 4 tax returns yearly" earlier this week and the Financial Secretary to the Treasury, David Gauke provided more detail of the government's plans for digital reporting.
In Krishna Moorthy v HMRC [2016] UKUT 0013 TCC, the Upper Tribunal ruled that injury to feelings did not exempt a payment from being taxable as a termination payment within s401 ITEPA.
In Alexander Jubb v HMRC [2015] UKFTT TC04760 the First Tier Tribunal confirmed that cars available for the private use of a director and kept overnight at his residence were not pool cars.
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If you would like some lighter reading this week, look at HMRC's Top Ten Worst Excuses as used in unsuccessful appeals against late filing penalties last year.
From 1 February 2016 UK businesses who provide wholesale telecommunication services to other UK businesses will no longer account for VAT on the transaction. Instead, the customer must account for VAT using the reverse-charge procedure.
HMRC has been forced to withdraw thousands of APNs in respect of a contractor Isle of Man tax avoidance scheme.
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The government's plans to force businesses to undertake quarterly reporting have received a blow this week. The success of an accountant's petition opposing the proposals has prompted a debate in parliament.