SME Tax News

Stamp Duty Land Tax (SDLT) does not apply to land transactions in Wales from 1 April 2018.

HMRC has advised that EU State Aid approval for the Enterprise Management Incentive (EMI) scheme expires on 6 April 2018 and whilst the government has applied to the European Commission for fresh approval, it will not be received before 6 April 2018.

In HMRC v Stephen West [2018] UKUT 0100 the Upper tribunal (UT) held that the director of an insolvent company was personally liable for PAYE and NICs on a bonus paid  to clear his loan account before company went into liquidation.

In Sippchoice Limited v HMRC [2017] TC06378, the First Tier Tribunal (FTT) confirmed that a contribution ‘in specie’ paid into a SIPP in satisfaction of a monetary obligation amounted to a payment and so was allowable for Income Tax.

In MDCM v HMRC [2018] TC 6400 IR35 did not apply; MDCM’s contractual arrangements were such that its primary employee did not have to be treated as an employee of the ultimate contracting company, he was skilled and experienced and given autonomy in how he undertook his work.

HMRC have now published a response to their consultation ‘Large Business compliance – enhancing our risk assessment approach’.

HMRC have published a call for evidence, ‘The role of platforms in ensuring tax compliance by their users’, which seeks information on how online platforms could be used to help users deal with their tax obligations.

HMRC has published a consultation, ‘Financing growth in innovative firms: allowing Entrepreneurs’ Relief on gains made before dilution’, which looks to protect ER claims for shareholders whose holding is diluted due to fundraising.