On 1 December 2017, HMRC published a summary of the responses to its discussion document “Lease Accounting Changes: Tax Response", combined with a new consultation “Leasing: Tax response to accounting changes”, on proposed new rules to take effect from 1 January 2019.
SME Tax News
In Towers Watson Limited v HMRC [2017] TC06241, the First Tier Tribunal (FTT) decided HMRC could not raise matters not covered in their closure notice in response to the taxpayer’s appeal.
The research and development expenditure credit (RDEC) for qualifying Research and Development (R&D) will increase from 11% to 12% for qualifying expenditure incurred on or after 1 January 2018.
The Chancellor of the Exchequer has announced that the first Spring statement where the government will respond to the forecast from the Office for Budget Responsibility (OBR), will be held on Tuesday 13 March 2018.
This Christmas HMRC has issued a warning about a new scam using gift cards which is conning elderly and vulnerable people.
HMRC have issued the Agent Update for December 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.
HMRC has published draft secondary legislation in respect of Making Tax Digital (MTD) for VAT in the form of regulations, a draft explanatory memorandum and draft VAT Notice, for public comment.
On 8 December 2017, HMRC published a new consultation entitled “Tackling the hidden economy: public sector licensing”, which proposes a requirement for licenses to trade conditional on tax compliance.
HMRC have published their Employer Bulletin for December 2017. We summarise the key content for you, with links to our detailed guidance on the topics covered.
HM Treasury has published a position paper to consider how the international tax framework operates in connection with the digital economy and whether it is flexible enough to deal with the differences in how certain digital business models operate and generate value, compared to more traditional business structures.