HMRC's Shares & Asset Valuation (SAV) is to withdraw some valuation check services. SAV says that its valuation resources are being severely stretched. It will withdraw its informal valuation check service for PAYE Health Checks and ITEPA Post Transaction Valuation Checks.
SME Tax News
Hello
What a busy week, although a relatively quiet week for SME tax news.
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.
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.
Hello
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.