In Patricia Lam v HMRC [2018] TC6540 a taxpayer found that the fact that you stay a few nights in your property in a sleeping bag is unlikely to convince a tax tribunal that a property is your only or main residence.
SME Tax News
HMRC has published partially completed details of a privacy impact assessment for the use of Voice Biometric Identification (Voice ID) technology. This aims to help reduce fraud and it seems entirely probable that it will be used in future, if HMRC manage more fully automated services.
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We have summarised the new VAT notice 700/22 on Making VAT Digital (MVD) for you and we have also made an update of our Making Tax Digital (MTD) index. All essential reading and freeview this time.
HMRC have published a policy paper, ‘Simplification of donor benefits rules for Gift Aid’ alongside Finance Bill draft legislation and a consultation response summary in respect of the proposed changes to the donor benefit rules.
HMRC have issued updated guidance on the Requirement to Correct (RTC) legislation which sets out the different levels of mitigation for penalties for failure to correct and extends the deadline by 90 days in some circumstances.
Finance Bill 2019 contains measures to move UK property income for non-resident companies from income tax to corporation tax and HMRC has published a policy paper, ‘Corporation Tax: UK property income of non-UK resident companies’.
HMRC has published a policy document ‘Income Tax and Corporation Tax: response to accounting changes for leasing’ together with a response to it’s consultation ‘Corporate Interest Restriction: Tax response to accounting changes for leasing’.
HMRC have published an issue briefing ‘Disguised Remuneration charge on loans’ which includes more details about time to pay for individuals who have taxable income for 2018-19 of less than £50,000, plus more details about the number of people settling and the amounts collected so far.
HMRC has published a policy paper ‘Extension of security deposit legislation‘ which looks at extending the scope of the existing security deposits regime to include Corporation Tax and Construction Industry Scheme (CIS) deductions.
HMRC have confirmed that they do not intend to change how they deduct tax on flexible pension drawdowns.