In Patrick Cannon v HMRC [2017] TC06254, the First-Tier Tribunal (FTT) quashed two of three penalties for a tax barrister, finding he had taken reasonable care despite misunderstanding the furnished holiday let rules.
SME Tax News
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This time we are having a closer look at late filing penalties. We also have new guides on the disguised remuneration loan charge.
HMRC has published a response to its consultation, ‘Scope of VAT Grouping’, looking at whether changes should be made to the rules on forming a VAT group should be changed following European Court decisions.
In Johnston v HMRC [2017] TC06238, the First Tier Tribunal (FTT) held that no penalties were due as HMRC had sent the notice to file to the incorrect address.
HMRC has published the outcome of its call for evidence in relation to tackling fraud on goods sold online, ‘Alternative method of VAT collection’. This explored the prospect of real time VAT collection.
Wales will introduce the Land Transaction Tax (LTT), its own version of Stamp Duty Land Tax (SDLT), in April 2018 but the lower threshold for the tax has already been reduced by the Welsh Government.
Following the introduction of the Trust Registration Service (TRS) in 2017, HMRC have issued more guidance about how to deal with existing trusts, access for agents who cannot use the online system and 2016/17 tax returns for new trusts.