In HMRC v English Holdings (BVI) Limited [2017] UKUT 0842 TCC, the Upper Tribunal (UT) concluded that losses subject to corporation tax could be set against profits subject to income tax.
SME Tax News
This Christmas HMRC has issued a warning about a new scam using gift cards which is conning elderly and vulnerable people.
On 1 December 2017, HMRC published a new consultation, “Corporate Interest Restriction: Tax response to accounting changes for leasing”, on ways to ensure the corporate interest restriction rules work as intended following the introduction of IFRS16 Leases.
On 1 December 2017, HMRC published a summary of the responses to its discussion document “Lease Accounting Changes: Tax Response", combined with a new consultation “Leasing: Tax response to accounting changes”, on proposed new rules to take effect from 1 January 2019.
HMRC has published draft secondary legislation in respect of Making Tax Digital (MTD) for VAT in the form of regulations, a draft explanatory memorandum and draft VAT Notice, for public comment.
On 8 December 2017, HMRC published a new consultation entitled “Tackling the hidden economy: public sector licensing”, which proposes a requirement for licenses to trade conditional on tax compliance.
HMRC have issued the Agent Update for December 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.
HM Treasury has published a position paper to consider how the international tax framework operates in connection with the digital economy and whether it is flexible enough to deal with the differences in how certain digital business models operate and generate value, compared to more traditional business structures.
- Taxation of employee expenses: response to the call for evidence
- Nichola's SME Tax w-update 15 December 2017
- Autumn 2017 consultations
- Tackling offshore tax evasion: A requirement to notify HMRC of offshore structures – responses
- New EU VAT legislation and Mini One Stop Shop
- Reliance on an incompetent adviser: a reasonable excuse