The government has published the ‘Regulation of pre-paid funeral plans: response to consultation’, outlining its intentions to bring funeral plans within the regulatory framework of the Financial Conduct Authority (FCA).
SME Tax News
The government has accelerated changes to apply a permanent zero rate of VAT to supplies of certain electronic publications ('e-publications') from 1 May 2020. Supplies of e-books, e-newspapers, e-magazines and academic e-journals will now be entitled to the same VAT treatment as supplies of their physical counterparts.
Missed our SME Tax Web-updates in April? Here is a summary of the month.
Hello,
We have launched our coronavirus Self-Employment Income Support Scheme (SEISS) tool this week for the first stage of testing with unrepresented taxpayers. So far so good, everyone gets the basics. There is an enhanced version in the pipeline for those who struggle with averaging.
The government has published ‘Independent Loan Charge Review summary of evidence’ which sets out the evidence provided to Sir Amyas Morse as part of the independent loan charge review undertaken in December 2019.
The House of Lords Economic Committee's review of the proposed extension to the IR35 Off-Payrolling rules, 'Off-payroll working: treating people fairly', concludes that the rules are flawed and the government should re-think tax and employment status. It also makes some radical recommendations for short-term tax fixes.
In Bella Figura Ltd V HMRC [2020] UKUT 120, the Upper Tribunal (UT) found that HMRC were out of time on two of the three discovery assessments and incorrectly issued one relating to a pension unauthorised payment charge.
HMRC have published new research, ‘Understanding tax avoidance arrangements used by contractors’, undertaken in 2018 to help HMRC better understand how contractor tax avoidance schemes are promoted and how contractors view such schemes.
Due to the disruption caused by the COVID-19 crisis, HM Treasury and HMRC have extended the deadlines for ten ongoing tax policy consultations and calls for evidence by three months, and delayed the publication of other documents announced at Budget 2020.
HMRC have published their Employer Bulletin for April 2020. We summarise the key content for you, with links to our detailed guidance on the topics covered.