HMRC have released their latest statistics on Research & Development (R & D) tax relief. Of the 39,960 claims so far received for 2016-17, 34,060 are for the SME scheme and 5,900 in the RDEC scheme.
SME Tax News
HMRC’s latest statistics reveal that 1,025 companies claimed £942.5m in Patent Box relief in 2016/17. Three quarters of those claims were made by SMEs however in terms of claims' value, large companies claimed 96% of the relief.
In Shaun C Long v HMRC [2018] TC06563 is another case where the FTT has decided that HMRC had been incorrectly overcharging six and twelve month late filing penalties for nil liability late self assessment return.
In Mark Butterworth v HMRC [2018] TC05276 the FTT was confused by what is meant by a 'tax liability' when it comes to Self Assessment and PAYE. As a consequence it did not reduce six and twelve month late filing penalties on a 'nil' liability return.
The Chartered Institute of Taxation (CIOT) report that there have been a number of errors on R40 computations prepared by HMRC.
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Many of you will agree with me, I'm sure, that travel rules for the self employed have to be applied using a certain amount of judgement according to the facts and individual circumstances. The rules are not straightforward. You need a good grasp of case law, and often, unless your case sits on 'all fours' with one of the case precedents, it can be something of a lottery as to whether or not your client can survive a full tax enquiry into their travel expenses unscathed.
On 30 September 2018 two deadlines will pass: one for providing information to HMRC in respect of Disguised Remuneration schemes to enable settlement to be reached by 5 April 2019, the other for correcting the position for undeclared offshore income and gains, yet there remains uncertainty around the interaction of the two settlement opportunities.
With the 30 September 2018 deadline fast approaching those affected by the Requirement to Correct rules who are already under HMRC enquiry face continued uncertainty about the extent of their risk to future penalties.
The deadline for registering for Self Assessment is 5 October following the end of the tax year.
We have added a warning note to our Statutory Residence Test (SRT) guides. The new warning will apply to cases where a taxpayer may be resident for tax purposes in more than one country and there is a double tax treaty.