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.
SME Tax News
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."
Hello
We are publishing early this week. There are some rather interesting developments from the courts, we have our latest Land and Property update, more 'CPD for lunch' and more Spotlights from HMRC.
In Anthony and Tracy Lee Hancock v HMRC [2019] UKSC 24 the Supreme Court held that that the conversion of QCBs and non-QCBs into a single new QCB were two separate conversions: tax was due on redemption.
HMRC have released two more opinions in their favour from the GAAR advisory panel (GAP) in quick succession; about disguised remuneration, loans to participators, and employee rewards using second hand bonds and gilt options.