In 2017-18 companies paid the highest amount of Corporation Tax ever with receipts topping £56bn.
SME Tax News
In William Reeves v HMRC [2018] UKUT 293, the Upper Tribunal (UT) found that a non-resident taxpayer can gift a UK trading asset to a UK company he owns and claim holdover relief.
The government has announced plans to introduce a Stamp Duty Land Tax (SDLT) surcharge for foreign buyers of UK property.
In The Serpentine Trust Ltd v HMRC [2018] TC06719 the First Tier Tribunal (FTT) held that an agreement reached with HMRC under Alternative Dispute Resolution was ultra vires; it was contrary to the law and unenforceable by the taxpayer.
The Chancellor has announced that the 2018 Budget will be held on Monday 29 October 2018. As announced in 2016, Budgets are now delivered in the Autumn with a spring statement taking place in March each year.
Hello
This time: interesting stats on R & D and Patent Box relief, more conundrums on late filing tax penalties and much more.
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.
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.