SME Tax News

Finance Act 2019 enables employers to pay certain subsistence expenses without needing to check or retain employee's receipts.

In Ian Smith v HMRC [2018] TC6622 a taxpayer successfully appealed penalties for late filing of a NRCGT return, his ignorance of the law was a reasonable excuse, although the judge thought that relying on a conveyancer lawyer to advise him on tax would not have been.

Michael Grant v HMRC [2018] TC6599 a six month penalty for late filing of a NRCGT return was upheld. Despite a mistake by the UK adviser and failure by HMRC to consider special circumstances, it was the taxpayer's fault he delayed signing his return and that caused the lateness.

Finance Bill 2019 includes proposals which extend the provision of emergency vehicles for private use by employees to cover all commuting journeys as well as allow for transitional reductions to the benefit in kind for three years.

Finance Bill 2019 includes back-dated proposals to exempt the provision of electric charging facilities for employees with electric cars and corrects errors on the optional remuneration calculation for company cars.

In Ball UK Holdings Limited v HMRC [2018] TC05920 the First Tier Tax Tribunal (FTT) considered whether changes in a group's functional currency met compliance with UK GAAP and corporation tax.

In Mr George McHugh and Mrs Mary McHugh v HMRC [2018] TC06605 the First Tier Tribunal granted private residence relief for part of the three year period when a house was being built; ESC D49 applied and the homeowners could claim 24 month’s worth of relief.