Hello
What a week! So much for the first days of Spring.
SME Tax News
In HMRC v NT Ada Limited [2018] UKUT 0059 (TCC), the Upper Tribunal (UT) found that HMRC failing to offer a Statutory Review would not invalidate a penalty notice, though one was offered in this case.
With the deadline for online registration of existing trusts approaching, HMRC have provided further clarification in respect of trusts created by wills and deeds of variation, corrections to online registrations and trusts paying stamp duty.
In BTN Flooring Ltd v HMRC [2018] TC06323, the First Tier Tribunal (FTT) cancelled penalties for late filed Construction Industry Scheme (CIS) returns as a combination of not having access codes and chronic stress gave the taxpayer a reasonable excuse for their failure.
In Bells Financial Services Ltd v HMRC [2018] TC06326, the First Tier Tribunal (FTT) cancelled penalties charged because HMRC’s system was confused by a leap year, also a penalty automatically issued by a computer was invalid: it was not issued by 'an officer of the board' and HMRC’s arguments about when accounting periods begin and end were “simply wrong”.
In Khalid Bhatti v HMRC [2018] TC06332, payroll software issues were not a reasonable excuse for late filing of PAYE returns under Real Time Information (RTI): software issues had been claimed in earlier years with promises of future compliance
HMRC have published a consultation on Extension of Offshore Time Limits, which looks at giving HMRC twelve years in which to raise assessments where there is “non-deliberate offshore non-compliance”.
Hello
We have a fun-packed web-update this time. IR35, Sole trader v Limited company, trust registration deadlines, last minute R & D and Nesquick.
In John Hicks v HMRC [2018] TC06301, the First Tier Tribunal (FTT) held that HMRC did not meet the criteria for a discovery assessment when they tried to restrict the use of losses carried forward from a year under enquiry.
The Welsh government has proposed a “Vacant Land Tax” (VLT) aimed at land where planning permission has been granted, or that is within a local development plan, but no work has been carried out. The objective is to incentivise companies to build rather than hoarding land to increase its value.