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It's been a busy start to the new year and with tax return season in full swing. We hope you will find our 2016/17 tax return toolkit really useful.
SME Tax News
Wishing a Prosperous New Year to all our subscribers and readers.
Following the introduction by Finance Act (No2) 2017 of the disguised remuneration loan charge with effect from 6 April 2019, HMRC have issued guidance on how to make an application to postpone the charge.
Happy New Year.
We start the year with Agent and Employer updates and consultations from HMRC.
In HMRC v English Holdings (BVI) Limited [2017] UKUT 0842 TCC, the Upper Tribunal (UT) concluded that losses subject to corporation tax could be set against profits subject to income tax.
The OECD have published a new consultation “Mandatory Disclosure Rules for Addressing CRS Avoidance Arrangements and Offshore Structures”, it considers whether additional reporting requirements will reduce cross border tax evasion.
On 1 December 2017, HMRC published a new consultation, “Corporate Interest Restriction: Tax response to accounting changes for leasing”, on ways to ensure the corporate interest restriction rules work as intended following the introduction of IFRS16 Leases.
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.
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.