Due to the delays in opening the new online trust registration service for agents, HMRC have yet again extended the deadline for filing information about existing trusts.
SME Tax News
HMRC ran a consultation from 11 November 2016 to 3 February 2017 on Simplifying the Gift Aid donor benefits rules and has now published its summary of responses.
On 1 December 2017, HMRC published 'Royalties Withholding Tax - consultation'. It proposes extending the rules imposing withholding tax (WHT) on royalty payments made to non-UK residents.
HMRC have released new guidance for overseas contractors and subcontractors who will need to be aware of the Construction Industry Scheme (CIS) rules.
In both Behsodi v HMRC [2017] TC6156 and Moore v HMRC [2017] TC6155 the First Tier Tribunal (FTT) was invited to consider whether HMRC had correctly implemented daily penalties. In both cases the answer was 'No'.
HMRC have published a response to their consultation 'Making Tax Digital – sanctions for late submission and late payment', which includes details of the new points-based penalty system for late returns.
HMRC published a further consultation on interest and penalties, 'Making Tax Digital: Interest harmonisation and sanctions for late payment'.
In Whitehill Pelham Ltd v HMRC [2017] TC06188 HMRC were barred from the proceedings for a complete failure to engage with the tax tribunal; as a result the taxpayers penalty appeal was allowed.
In Aozora GMAC Investment Limited v HMRC [2017] EWHC 2881 (Admin) the High Court considered whether the taxpayer had a legitimate expectation that it could rely on HMRC’s published guidance.
The online service for agents to register for an account so that they can deal with trust registrations for their clients, is now fully up and running.