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If you have a student in the family they will be packing or heading off to Uni' this week. We have some top tax tips and an adviser guide.
SME Tax News
In Alison & Richard Bradshaw [2018] TC6582 penalties for late filing a non residents CGT return were cancelled: it was reasonable to rely on a conveyancing solicitor to point out a 30 day filing requirement.
In Lauren Murdock v HMRC [2018] TC6600 a non resident failed to report the disposal of her UK property, she claimed ignorance of the law however evidence was scant and the appeal did not succeed. It seems that HMRC calculated her penalties incorrectly.
In Ann Rowan-Smith v HMRC [2018] TC6623 a non resident successfully appealed late filing penalties. She failed to report the disposal of her UK property within the 30 day deadline as she assumed that gains would be reported under Self Assessment. Her claim to have relied on the advice of a conveyancing solicitor was rejected.
In Barry Gilbert v HMRC [2018] TC6627 a non resident failed to report the disposal of his UK property within the 30 day deadline. His appeal against his late filing penalties failed: the FTT found that a non-resident failed to keep himself abrest of UK law.
In Nigel Pitcock & Karen Pitcock v HMRC [2018] TC6590 two non residents incurred late filing penalties for failing to notify the disposal of their UK residence within the 30 day time limit: their ignorance of the change in the law was deemed to be a reasonable excuse for their failure.
Self Assessment returns for the year ending 5 April 2018, online filing exclusions. If your case is on the list you are not able to file online and must complete a paper tax return. Don't forget that it needs an actual signature.
In Eric Scowcroft v HMRC [2018] TC6527 a New Zealander's appeal against late filing penalties in respect of a Non Resident Capital Gains tax return was successful. He was unaware of the new filing requirement and his conveyancing solicitor did not point it out.
The Low Incomes Tax Reform Group (LITRG) is reminding students who have been working over the summer to make sure they have not overpaid tax and, if they have, to claim a refund from HMRC.
Following the Bank of England’s decision to increase the base rate, HMRC have announced that their late payment interest rate will increase by 0.25% to 3.25% with effect from 21 August 2018.