In Promo International Limited [2017] UKFTT 0161, the First-Tier Tribunal (FTT) reduced the taxpayer’s penalty from deliberate to careless: a member of staff hid HMRC's correspondence from the Directors.
SME Tax News
The live highlights as the chancellor Philip Hammond makes his first and last Spring Budget, keep refreshing to read more! MTD: postponed for small business by one year, NICs to increase for the self employed and dividend allowance decreases to £2k in 2018.
HMRC's CEST 'Check Employment Status for Tax'. This tool can be used by workers, agencies and engagers in order to determine whether a worker is employed or self-employed for tax purposes.
In Martin Clunes v HMRC [2017] TC05692 the tax tribunal decided that a well known actor did not have any special right to privacy in relation to an application made ahead of a potential tax appeal against the disallowance of cosmetic surgery as deduction from his trading profits.
In Simon Fry v HMRC [2017] UKFTT 0158 the First-Tier Tribunal (FTT) found, that in calculation of tax penalties for errors in a return, 'potential lost revenue' should be calculated with reference to the taxpayer’s future plans, such as becoming non-resident.
The Treasury have confirmed that Finance Bill 2017 will be published on Monday 20 March.
The CIOT have submitted comments to HMRC on the proposed new ‘limited cost trader’ category for the VAT Flat Rate Scheme: they recommend HMRC seek a different approach to tackling abuse of the scheme.
At a glance
What is the optimal monthly or weekly salary that can be paid by an employer without incurring a liability for employer or employee National Insurance Contributions (NICs)?
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 March 2017.
HMRC have introduced a new online service for appealing against late filing penalties for 2015/16 tax returns.