The Scottish Parliament has announced that its 2020 Budget will be held on Thursday 6 February 2020, less than a week after the date now set for Brexit of 31 January 2020.
SME Tax News
Happy New Year.
We start the new decade with lots of exciting news and developments.
The Fifth EU Anti-Money Laundering Directive (5MLD) imposes new duties on accountants to not only check beneficial ownership of client companies and trusts for both direct and indirect tax advice but also to report any discrepancies found at Companies House.
In HMRC v Duncan Hansard [2019] UKUT 0391, the Upper Tribunal (UT) dismissed a late filing and late payment penalty appeal by HMRC in respect of re-calculated penalties that had been assessed but had not been properly notified.
The Treasury has announced a review of the 'Off-payroll working' rules to determine what can be further done to ease implementation into the private sector in April 2020.
HMRC have issued a special Agent Update Self Assessment edition to help you prepare for the 31 January filing date. We have summarised the key content for you with links to our detailed guidance on the topics covered.
The Chancellor of the Exchequer, Sajid David, has set Wednesday 11 March 2020 as the date for the first budget of the new parliament. He told the BBC that there will be an 'infrastructure revolution'. We might speculate that this means extra government spending in certain areas and more details as to the fate of High Speed 2 (HS2). In terms of direct tax, this may indicate more increases in capital allowances and possible changes to enterprise zones.
As we enter the twenties, which may or may not be 'roaring', we take a look back at the last decade and the changes it has brought to the UK tax rules.
Happy New Year to one and all. We thought that we would kick things off with a quiz.
In Caris Properties Limited v HMRC [2019] TC7481, the First Tier Tribunal upheld tax-geared penalties for a late filed CT return. Brexit was not a reasonable excuse.