Hello
We have quite a lot to say this week. HMRC's latest Agent Update is horribly long but it duplicates much in the earlier Employer Update. We have weeded out the highlights for you.
SME Tax News
HMRC have issued the Agent Update for October/November 2019. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Harold Wiesenfeld and Alex Strom v HMRC [2019] UKUT 0301 the UT upheld penalties for carelessness. The taxpayers failed to provide timely evidence as to the nature of their business venture in Poland and the tribunal ruled that verbal evidence amounted to hearsay.
In Routier and Anor v HMRC [2019] UKSC43 the Supreme Court found that a gift to a Jersey trust qualified for IHT exempt charitable status despite the trust not being governed by UK law; to deny the relief would contravene EU law.
Sajid Javid, the chancellor, is planning to scrap promised tax cuts in next month’s budget, according to a report in the Financial Times. Tuesday’s U.K. public-sector borrowing figures showed the budget deficit between April and September totalled £40.3b, 22% higher than the same period last year.
HMRC have issued a new briefing ‘Reform of off-payroll working rules’ about the extension of the rules to the private sector from April 2020.
A new consultation, 'Supplier Licensing Review: Ongoing requirements and exit arrangements' includes proposals for Britain’s energy suppliers to provide the regulator with 'living wills' and independent financial audits when requested. Ofgem’s recommendations intend to protect customers from failing companies.
Highlights: First-time buyers have until 29 October 2019 to make a claim for repayment. HMRC updates its guidance on 'garden and grounds'. HMRC reviews its anti-avoidance guidance following Project Blue.
Confused, bemused, past caring? What the fuss is all about: what might the eventual Brexit look like? We compare the latest 'deal' with how other countries have structured their relationship with the European Union.
Hello
This time, new VAT announcements, uncertainty over new budget date, capital allowances on shared communal areas, an employer briefing and lots of updated guides.