Following its establishment in October 2017, the Charity Tax Commission are undertaking a full review of the tax system for charities. The ‘Charity Tax Commission – call for evidence’ has been published to assist with the review.
SME Tax News
HMRC have published their Employer Bulletin for June 2018. We summarise the key content for you, with links to our detailed guidance on the topics covered.
In Bayonet Ventures LLP and R K Howard v HMRC [2018] TC06493 a loan made by the Bayonet Ventures Pension scheme to the LLP was held not to be a loan to the LLP members and not an unauthorised member payment from the scheme.
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This week we have a mixed bag after another busy week. Following the end of the registration period for the disguised remuneration settlement opportunity it seems that HMRC are keeping this open for the time being and we have been receiving lots of queries about contractor loan schemes and EBTs.
HMRC have now extended the Making Tax Digital (MTD) pilot for income tax to landlords.
In Leekes Ltd v HMRC [2018] EWCA Civ 1185 the Court of Appeal agreed that corporation tax losses brought forward from a transferred trade could not be used against the future profits of the successors enlarged trade.
Registration for the disguised remuneration final settlement opportunity was due to end on 31 May 2018; HMRC have amended their guidance to remove this deadline, asking those interested in reaching a settlement to register ‘as soon as possible’.
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It's been a really busy week and it's not over yet, so I will not say much. Don't miss our new guides on What expenses can I claim? We look at Accountants and Hairdressers this time.
- Sch 36 request for tax avoidance scheme details reasonable
- Late appeals: assessments, no, penalties, yes.
- OTS review of the taxation of savings and investment income
- Nichola's SME Tax W-update 25 May 2018
- Football agent loses appeal for trading loss relief
- Non-resident CGT return penalties: Reliance on a tax adviser