HMRC have issued updated guidance on the Requirement to Correct (RTC) legislation which sets out the different levels of mitigation for penalties for failure to correct and extends the deadline by 90 days in some circumstances.
SME Tax News
HMRC have published an issue briefing ‘Disguised Remuneration charge on loans’ which includes more details about time to pay for individuals who have taxable income for 2018-19 of less than £50,000, plus more details about the number of people settling and the amounts collected so far.
HMRC has published a policy document ‘Income Tax and Corporation Tax: response to accounting changes for leasing’ together with a response to it’s consultation ‘Corporate Interest Restriction: Tax response to accounting changes for leasing’.
On 13 July 2018 the Chancellor wrote and asked the Office of Tax Simplification (OTS) to carry out a further review of the small business lifecycle.
HMRC have confirmed that they do not intend to change how they deduct tax on flexible pension drawdowns.
HMRC has published a policy paper ‘Extension of security deposit legislation‘ which looks at extending the scope of the existing security deposits regime to include Corporation Tax and Construction Industry Scheme (CIS) deductions.
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We have a draft Finance Bill for 2019 and some interesting changes coming up.
HMRC have published their tax avoidance litigation decision results for 2017 to 2018 which show 23 cases won by HMRC, none lost and one mixed result.
- 30 day CGT payment window for residential property: draft legislation
- Extending non-resident capital gains to commercial property
- Discovery: extension of offshore time limits
- Finance Bill 2019 published
- Schedule 36 notices: consultation to extend HMRC powers
- Exceptional holiday let business just qualifies for BPR