Budget 2018: the chancellor has announced that the government will introduce a new Structures and Buildings Allowance (SBA) for new non-residential structures and buildings.
SME Tax News
Budget 2018: the chancellor has announced changes to the higher rates of Stamp Duty Land Tax for additional dwellings clarifying a major interest and extending the deadline for submitting amended returns.
Budget 2018: the chancellor has announced two different changes to the definition of a personal company for Entrepreneurs Relief.
Budget 2018: the chancellor has announced that the public sector off-payroll working rules will apply to the medium and large businesses in the private sector from April 2020.
The chancellor increased personal tax allowances for individuals and increased the Annual Investment Allowance however he also restricted the scope of several valuable tax reliefs, including Capital Gains tax (CGT) Entrepreneurs' Relief and Private Residence Relief and R & D as well as introducing the off-payroll working rules to medium and large companies in the private sector.
In Katie Lo v HMRC [2018] TC06767 Private Residence Relief was denied and a discovery assessment allowed; the property was never occupied as the appellants residence and the discovery was not stale.
The chancellor, Philip Hammond presented his 2018 Budget on 29 October 2018. These are highlights of his live speech. Personal allowances cut from 2019. Restrictions to CGT Entrepreneurs' Relief, Private Residence Relief, R & D relief. Annual Investment allowance increased.
Hello
It's the Budget next week, so I won't ramble on too much as you probably have more than enough emails about tax.
In Dieno George v HMRC [2018] TC6678 an employer's procrastination in changing its chief executive's non-voting shares into voting shares scuppered his claim for Entrepreneurs' Relief on disposal of the business. Equity could not prevail to alter the CGT rules.
In Alexander Steele v HMRC [2018] TC06717, the First-Tier Tribunal (FTT) cancelled HMRC’s late filing penalties relating to 13/14, 14/15, and 15/16. There was no legal requirement to notify HMRC of a change of address and no legal requirement to file a return just because he was a Director.