The Chartered Institute of Taxation (CIOT) report that there have been a number of errors on R40 computations prepared by HMRC.
SME Tax News
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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.
In Gemma Daniels v HMRC [2018] TC06640 an 'exotic dancer' was allowed relief for costumes, cosmetics and beauty treatment but was deemed to be careless for her own and her accountant's failure to correctly self assess the travel rules for the self-employed.
The House of Lords Economic Affairs Finance Bill Sub-Committee want to hear from a 'wide range of people' in inviting written contributions for its inquiry on the draft Finance Bill 2018 and examining developments in the balance of powers and safeguards between HMRC and the taxpayer and progress on the ‘Making Tax Digital’ programme.
Trustees should be aware that the deadline for registering trusts with a UK tax liability for the first time in 2017/18 is 5 October 2018.
In Mr Darius Soleimani-Mafi v HMRC [2018] TC06629 the First Tier Tribunal (FTT) upheld capital gains tax discovery assessments for the disposal of a property on entering into a declaration of trust; no oral trust agreement already existed, there was a disposal on the date of the declaration and the taxpayer deliberately failed to declare the gain.