The government has published ‘Freeports, Response to the Consultation’, as it continues to develop one of its flagship policies on the creation of new freeports in England.
SME Tax News
HMRC have been making recalcations for Top Slicing Relief. Some taxpayers now need to submit an amended 2018-19 tax return to benefit from these changes.
HMRC have agreed that daily penalties will not be charged for taxpayers who have been late in filing their 2018-19 tax returns due to COVID-19.
Hello,
It is about time for a Directors' tax planning update, and this what we bring you this week. As usual it is packed full of really useful material and case summaries including a summary of COVID-19 measures.
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In John Walter Boulting & Others v HMRC [2020] EWHC 2207, a clearance for a purchase of own shares was declared void by HMRC. The company had valued the shares at "materially greater than market value" and not disclosed this. A claim for judicial review failed.
In Golden Harvest Wholesale Ltd v HMRC [2020] TC07847, a costs order of £45,000 was applied to a director, who caused a VAT appeal to be lodged which he knew to be hopeless. The appeal was withdrawn after he was charged with the criminal offence of cheating public revenue in connection with using his company as a 'buffer company' in an attempt to legitimise fraudulent input VAT recovery.
HMRC consultation, ‘Tackling Construction Industry Scheme Abuse’ explores ways to tackle abuse of the CIS to prevent significant losses of tax. The feedback collected will be used by HMRC to inform draft legislation.
Important deadlines are approaching in relation to the government’s key COVID-19 support schemes.
Many taxpayers are unable to file their Self Assessment returns for the year ending 5 April 2020 online due to software specification issues from HMRC.