It's set be 'all change' for many* Personal Service Company (PSC) owners next April, when the new private sector off-payroll working tax rules replace IR35. Those affected will find that their company fees will be paid to them after deduction of PAYE tax and National Insurance by their 'payer'.
SME Tax News
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 September 2019.
In Richard Lee & Nigel Bunter v HMRC [2019] TC07269 the First-Tier tribunal confirmed that time apportionment is a just and reasonable basis to apportion a capital gain between business and non-business assets.
In Bruce Cawdron v HMRC [2019] TC07295 the FTT held payments to a GP were his remuneration and not compensation to his personal company for the time he spent working elsewhere.
In HMRC v NCL Investments Limited, Smith & Williamson Corporate Services Limited v HMRC [2019] UKUTT0111 the Upper Tribunal confirmed that the grant of share options by an employee benefit trust was deductible as a trading expenses under IFRS2.
Hello
We have another fun-packed web-update this week. Some good cases: capital allowances, company cars and EBT discovery. There is also the Employer and Agent update and our ideas for tax simplification.
We are looking for tax writers and advisers who are keen on a great work/life balance, are reliable and have practical experience in working in SME tax.
The new chancellor Sajid Javid has said that he will simplify the tax system in his first budget. Yes, Minister! We have all heard all this before and there is even an Office of Tax Simplification to prove it.
The paradox for all chancellors in the task of simplifications is that it will result in some losers and not just winners and no chancellor will want to risk unpopularity.
In Aegis Vision Limited and Sanjay Agarwal [2019] TC7038 the provision of a chauffeur and car was a taxable benefit despite some efforts to ensure that the chauffeur was self employed and providing car services in that capacity.