The department of Business Innovation and Skills (BIS) has commenced a new consultation on the use of corporate directors by UK companies and is also considering how its review of the use of corporate members of LLPs should progress.
SME Tax News
In HMRC v Donaldson [2014] UKUT 0536 (TCC), the Upper Tax tribunal (UT) confirmed that HMRC had correctly imposed daily late filing penalties under para 4(1)(c) schedule 55 FA 2009. The case has been appealed by the taxpayer.
Autumn Statement 2014: surprise announcements on restriction of Entrepreneurs' Relief on incorporation and new Stamp Duty Banding. Subscribers, please see your detailed version: Finance Bill 2015 tax update and rolling planner
The Government's has approved proposals for the Direct Recovery of Debts from taxpayer's bank accounts however following consultation has created the following safeguards to the measures which will be included in the 2015 Finance Bill.
Instead of requesting a cash repayment of overpaid tax credits HMRC will where circumstances permit now reduce current tax credits awards in order to repay outstanding debts from previous claims. Depending on a person's circumstances, outstanding overpayment(s) may be from one or more previous awards.
The Pensions Regulator has already fined employers for failing to comply with the Workplace Pensions rules in the quarter to September 2014. It warns that some employers are not aware that the new rules apply to them.
Hello
This time we have a capital taxes round-up. It seemed like a good idea in the lull before the Chancellor's Autumn Statement in December.
On 1st October 2014 changes were made by the Inheritance and Trustees' Powers Act 2014 that affected the intestacy rules as well as the definitions of chattels for probate. From February 2020 further changes were introduced.