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.
SME Tax News
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.
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Some good news, this week. During the course of the parliamentary debate on the 2019 Finance Bill, HMRC have made modifications to the proposed changes to the qualifying conditions for Entrepreneurs' Relief.
Proposed changes to the definition of a personal company for Entrepreneurs' Relief have been amended as Finance Bill 2019 goes through parliament, to offer an alternative, less stringent test.
HMRC say that where a settlement has not been reached on a disguised remuneration loan scheme by 5 April 2019, they will still give consideration to reaching an agreement under the existing terms.
Following a consultation in 2018, Finance Bill 2019 provides for a fixed rate writing down allowance for goodwill and other intangibles created or acquired by companies on or after 1 April 2019 where they are acquired alongside qualifying intellectual property (IP) assets.