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.
SME Tax News
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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 The appeal was withdrawn after he was charged with the criminal offence of cheating public revenue in connection with using his company as a 'buffer company' in an attempt to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.
Hello,
This time’s tax highlights include updates to the government’s COVID-19 support packages, a reminder about PAYE Settlement Agreements (PSAs), and topical updates to many of our most popular guides.
Missed our SME Tax Web-updates in September? Here is a summary of the month.
Employers with a PAYE Settlement Agreement (PSA) in place should ensure their payment in respect of 2019/20 is made to HMRC by 22 October 2020 to avoid interest and late payment penalties.