A summary of the latest developments in tax for small and medium-sized companies and their owners. See Companies: Essential Know-how for the latest version of this guide.
SME Tax News
Missed the news for April 2019? Here is a summary of the month.
Hello
It's been a quiet, half-term week and we've finally come to terms with the finale of the 'Game of Thrones', but 'Oh' what a huge number of 'first world problems' tax has been throwing up.
In ESE Rendering Solutions Limited v HMRC [2019] TC07137 an appeal against 33 late filing CIS return penalties was allowed. HMRC failed to provide any evidence that penalty assessments had ever been issued.
From April 2019 corporate non-resident landlords must report their capital gains on the disposal of UK property under corporation tax. Their UK rental income is remains subject to income tax. Many will require two or three different returns may be required for the 2019/20 tax year.
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 June 2019.
HMRC have published a new third-party research report on "The Role of Professional Bodies in the regulation of Tax Agents".
HM Treasury have launched a consultation “Transposition of the Fifth Money Laundering Directive”, which could increase the number of trusts that need to be registered with the Trust Registration Service (TRS) to over a million.
Many taxpayers are still unable to file their Self Assessment returns for the year ending 5 April 2019 online due to software specification issues from HMRC. If your case is on the list you cannot file online and must complete a paper tax return. Don't forget that it needs an actual signature.
In his inaugural speech as new president of the Chartered Institute of Taxation (CIOT), Glyn Fullelove has sent a clear message to CTAs, “there is no place for any tax advisers who promote avoidance schemes in the CIOT. If there are still members who seek to develop and promote such schemes, I have a simple message – this is not the body for you."