HMRC have announced the opening of a new Profit Diversion Compliance facility to allow large international groups using arrangements targeted by Diverted Profits Tax (DPT) to bring their UK tax affairs up to date.
SME Tax News
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This time: new facts and figures on the loan charge. Fluctuating income is no excuse for being late in paying your Self Assessment bill and check out our new TAAR tool.
In Timothy Raggatt QC v HMRC UKUT 0412, the upper tribunal held that a barrister with fluctuating income does not need to provide a reserve to pay his or her income tax but must still make adequate provisions to pay income tax as it falls due.
In Munro Sawmills Limited v HMRC [2018] TC 6645, the tribunal held that a company had reasonable excuse in its belief that it had filed its P11D(b) return on time.
In UBI Ltd v HMRC [2018] TC06771, the FTT agreed that a company with a poor compliance record was reasonably required to provide HMRC with security for PAYE liabilities. It failed to keep to a time to pay agreement.
If you have received a dividend during a company liquidation it is now vital to check the TAAR conditions before you submit your tax return to HMRC.
The Department for Business, Energy and Industrial Strategy (BEIS) has launched a National Minimum Wage: consultation on salaried workers and salary sacrifice schemes.
HMRC have released more facts and figures about those taxpayers who will be affected by the Disguised Remuneration loan charge, including a pictorial factsheet which makes interesting reading.
In Ernold Ltd v Revenue Scotland [2018] FTSTC insufficiency of funds was held not be a reasonable excuse for a failure to file a Scottish land and buildings transaction tax return.
HMRC have advised that over 4,600 overseas businesses have been issued with joint and several liability notices for not paying the right amount of VAT on online marketplace sales in the past 2 years.