Hello
Welcome to another web-update. We have a new Finance Act and new guides to Making VAT Digital. As HMRC have not put out anything useful on the topic of digital exclusion we have created our own guide.
SME Tax News
In Sandra Annette Carter v HMRC [2018] TC6862 the FTT found that an accountant’s use of home claims were excessive. There was no evidence to show business use of three rooms, and the claim was reduced to one room.
HMRC have once again updated their guidance on the loan charge being introduced in April 2019 and how to settle with HMRC.
In J Charman v HMRC [2018] TC06899 a taxpayer was found to still be UK resident when he received a founders fee of £1.7m; he had started to cut ties with the UK but not yet made a decisive break.
The government has launched a consultation on plans to introduce a Stamp Duty Land tax (SDLT) surcharge for non-residents buying residential UK land and property.
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This time, we feature some useful new guides to assist you in planning for the end of the tax year as well as making a review of topical cases.
In Rupert Grint v HMRC [2019] UKUT 0028 the Upper Tribunal (UT) confirmed that Harry Potter star Rupert Grint's accounts did not meet the requirements for a change of accounting date for tax; the accounting period was too long.
In Stephen May v HMRC [2018] TC6928, the First Tier Tribunal (FTT) held that a horizontal silo was plant for capital allowance purposes.
Following recent discussions with the Treasury sub-committee, HMRC have updated their guidance on the settlement terms being offered for disguised remuneration and contractor loan schemes ahead of the loan charge in April 2019.
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The chancellor has announced date of his Spring Statement. This is an not an additional budget (Budget 2019 is scheduled for the Autumn), we might though expect further announcements on key measures such as Making VAT digital and perhaps hear more on certain outstanding consultations, such as employment status.