In J Cooney (as representative partners of Citygate Partnership) v HMRC [2017] TC05950, the First- Tier Tribunal (FTT) agreed that the partnership had a reasonable excuse for the late return and HMRC should have given a special circumstances reduction as they had the individual partners’ returns.
SME Tax News
In Jörg Märtin v HMRC TC05942, the First Tier Tribunal (FTT) held that where there was no evidence of a valid reason for HMRC to have delayed dealing with an enquiry they had to issue a closure notice.
Under Simple Assessment, HMRC automatically calculate tax liabilites using a Simple Assessment Calculation 'SAC' for some taxpayers. This removes them from self assessment system. The process will start by focusing on new state pensioners and PAYE customers.
HMRC have just published revised guidance on amending earlier years’ R&D claims to include reimbursed employee expenses.
HMRC have released a policy paper and draft legislation clarifying the tax treatment of partnerships in particular situations, such as where bare trustees, or other partnerships are partners.
Following complaint from HMRC, the Advertising Standards Authority (ASA) have ruled that the way in which a tax avoidance scheme was marketed was misleading and have ordered the advert be changed.
HMRC have confirmed that the optional 2-step verification (2SV) becomes mandatory this month for businesses. This requires users to combine the government gateway login and password with a security code sent to a mobile or landline.
The First-Tier Tribunal (FTT) have released four decisions on reasonable excuse relating to VAT in the last month: we have briefly reviewed these in order to consider what the FTT considers is reasonable when it comes to late VAT filing or payment.
HMRC have published their annual statistics for the uptake of Patent Box by companies, and for Research & Development Tax Credits.
HMRC have issued draft legislation for consultation on the latest round of extra-statutory concessions to be enshrined in law. This covers concessions on directors fees, Professional remuneration, Financial loss allowance and Payments from medical committees to members.