The ICAEW has reported that errors are being found in HMRC’s annual reconciliation of taxpayers’ PAYE records for 2017/18.
SME Tax News
HM Treasury have now issued a commencement order to allow the Welsh Government to introduce income tax rates for Welsh taxpayers with effect from 6 April 2019.
In The Personal representative of Mark Collins v HMRC [2018] TC06597 the First Tier tribunal allowed executors to appeal discovery assessments issued to the deceased; the appeals were nearly four years late.
In William Martland v HMRC [2018] UKUT178 the Upper tribunal refused permission for a late appeal against an excise duty assessment and penalties for wrongdoing totalling £34,201.
HMRC have published advisory rates for all electric company cars and now accept that if you pay up to 4 pence per mile when reimbursing your employees for business travel in a fully electric company car there is no profit for income tax or earnings for NI purposes.
Hello
Just a short newswire this week, we have some cases, we have some VAT and we also wonder why so many trusts are not reporting their ten year charges.
In Douglas Atherley v HMRC [2018] TC06610 the First Tier Tribunal (FTT) found that the write off of a loan to a trading company did result in an allowable capital loss; the facts proved the loan was irrecoverable despite the taxpayer’s unrealistic hope that the remaining balance would be repaid.
In J & L Benson Building Services Ltd [2018] TC6545 PAYE RTI penalties were cancelled by the FTT: the specimen copy of an assessment provided to the tribunal by HMRC was rendered invalid.
HMRC have recently released details of the value of assets held in UK taxpaying discretionary trusts at the ten yearly charge date, and have confirmed that information for more recent years is deemed to be incomplete because of delays by trustees in submitting accounts to HMRC.
In Gerrard Gordon, Gary Connell, Nicola Martino and Ian Hills v HMRC [2018] TC06537 the FTT found that HMRC was too late to raise a discovery assessment for an unauthorised payment charge. Despite knowing that the taxpayers had used the discredited Wenns non-qualifying overseas pension scheme it delayed assessment for several years and the discovery became 'stale'.