What tax returns and claims are due before the end of the tax year?
SME Tax News
In Schotten & Hansen (UK) Limited v HMRC [2017] TC05679 a taxpayer escaped a £28k penalty. Ignorance of the CIS rules was a reasonable excuse in relation to the use of foreign sub-contractors.
In William Reeves v HMRC [2017] TC05679, a US citizen’s claim for CGT hold-over relief on transfering his partnership interest to his own UK company was denied when applying wide-ranging tests for control in s416 ICTA 1988: his shareholding was attributed to his non-resident wife or children.
Technical tax professional wanted: working from home. We are looking for someone who is very strong in SME company / owner-managed business tax. Based working at home, part or full-time.
In BCM Cayman LP and various Bluecrest entities v HMRC, taxpayers were only partially successful in forcing HMRC to issue closure notices into long running and complex tax enquiries concerning the tax arrangements of hedgefunds.
HMRC have released the updated VAT Fuel Scale Charge rates, to apply from 1 May 2017.
Finance (No 2) Act 2017 introduced measures that permit HMRC to tax any outstanding EBT loans made since 6 April 1999 on the basis that a non-repayable loan it not a loan, but is disguised pay.
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This week we have a Making Tax Digital special. We have a new Toolkit for accountants and advisers and we look more closely at what you need to do in the year ahead.