In the 2018 budget a temporary increase to the Annual Investment Allowance (AIA) was announced. The ATT has requested an amendment to the draft legislation to allow SME businesses who are disadvantaged in periods which straddle 1 January 2021 to opt out of the increase.
SME Tax News
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 December 2018.
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In this time's web-update: the House of Lords urges HMRC to defer all aspects of Making Tax Digital, we look at new measures likely to catch out Non-residents and much more.
In A McCashin v HMRC [2018] TC06776 the First-Tier tribunal (FTT) dismissed an appeal against unauthorised payment charges on pension scheme withdrawals paid to Gibraltar.
In George Edwards Consulting Limited v HMRC [2018] TC06760, the First-Tier Tribunal (FTT) found that overpaying PAYE is no reasonable excuse for filing your late P35.
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.
The House of Lords’ Economic Committee has published ‘Making Tax Digital for VAT: Treating Small Businesses Fairly’. It recommends a one year delay in Making VAT Digital (MVD) mandatory. Unconvinced of HMRC’s logic that MVD will result in fewer errors, it finds that the forced use of software will make life even more difficult for small business.
In Arron Banks v HMRC [2018] TC06768 the First Tier tribunal (FTT) denied exemption from IHT for gifts to a political party: UKIP did not meet the criteria as their MPs were not appointed at a general election.
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Brexit dominates the news headlines and it seems that one thing is certain: no one seems to know what's happening.
The 585 page Draft 'Brexit' Withdrawal Agreement includes transitional rules for the treatment of goods, and a ‘backstop’ to ensure the requirement for no north-south hard-border in Ireland will be maintained.