HMRC have published ‘Amendments to tax returns’, a call for evidence aimed at providing an understanding of issues faced by taxpayers who are amending returns.
SME Tax News
HMRC has announced that it is reviewing cases where a failure to notify penalty was issued to taxpayers who did not register for the High-Income Child Benefit Charge.
In Trustees of the Paul Hogarth Life Interest Trust 2008 v HMRC [2018] TC06757 the First-Tier tribunal (FTT) held that a notice to file a tax return cannot be served on a trust where all income is mandated to the life tenant and there are no chargeable gains; the late filing penalties were invalid.
The Chartered Institute of Taxation's (CIOT) has criticised last week’s Budget for the number of tax measures announced as ‘done deals’ without having been consulted on, and for excessive ‘tinkering’.
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As you know we had the Budget earlier in the week. Some announcements have immediate effect and these include changes to Entrepreneurs' Relief. These are all listed in our Budget Summary.
V M Gadavi & others v HMRC TC6762, the FTT found that compensation received for mis-sold interest rate hedging products (IRHPs) was taxable as a business income.
HM Treasury has published ‘Financing growth in innovative firms: Enterprise Investment Scheme knowledge-intensive fund consultation response’ and in response will introduce a new EIS fund structure.
HMRC has published a response to its consultation ‘ Royalties Witholding tax’ together with draft legislation included in the Finance Bill 2019.
HM Treasury has published ‘VAT registration threshold: Summary of responses’ and have confirmed that the turnover threshold will remain fixed until April 2022.
HM Treasury has published ‘Taxation of self-funded work-related training: summary of responses’ and has decided not to extend the tax relief available.