A speculative landfill and land consultancy counts as a business for capital gains tax (CGT) section 162 incorporation relief.
SME Tax News
HMRC has published the first sections of its new partnership tax manual.
HMRC has started sending out P800s as part of the 2013/14 end-of-year reconciliation process for individuals in PAYE. This compares the tax paid with the tax which is due, according to the information on HMRC’s records. All P800s should be checked for accuracy.
IHT – HMRC’s Latest Consultation
HMRC published a consultation document ‘Inheritance tax: A fairer way of calculating trust charges’ on 6 June. It focuses on how the nil rate band should be applied when calculating exit and ten year charges.
HMRC has announced FIVE new consultations on making changes to the PAYE benefits and expenses reporting which will include consideration of:
Hello again
This time we have a short web-update as we re-visit a case from last year - featuring incorporation and letting. Even though it is the only case on s162 incorporation relief, and the decision came from the Upper Tier Tribunal, HMRC have not adjusted its manuals. Probably an oversight on their part, or maybe a lack of budget?
Hello
This week's tax update is a tax penalty and appeals special. No one in public practice can be surprised to note that late filing and late payment penalty appeals are taking up a substantial amount of the First Tier Tribunal's (FTT) time. They take up a substantial amount of everyone's time.
In Francois Berrier v HMRC [2014] TC03584 a taxpayer not only suffered tax penalties for omitting income from his return, he was ordered to pay HMRC's tribunal costs. He or his adviser withheld evidence and mislead the tribunal.