HMRC have launched a consultation Simplifying the PAYE Settlement Agreement (PSA) process which sets our several proposals to simplify agreeing and reporting items in a PSA.
SME Tax News
HMRC have released a discussion document Lease Accounting Changes: Tax Response ahead of the upcoming changes to lease accounting .
The Government has launched a consultation, 'Partnership taxation: proposals to clarify tax treatment'. It's object is to remove uncertainty by making the calculation and reporting of partnership profits clearer for taxpayers.
HMRC have issued their Agent Update for August 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered.
In Simon Miesegaes v HMRC [2016] TC 05129 the First Tier Tribunal (FTT) found that disclosure in a trust tax return wasn't sufficient to prevent a discovery assessment for the life tenant.
In Judith Thorne v HMRC [2016] UKUT 0349 (TCC) the Upper Tribunal (UT) considered how to determine whether a single trade existed for restriction on loss relief: was land occupied as a farm or as a market garden?
In Anthony Bayliss v HMRC [2016] UKFTT TC05251 a taxpayer who used a tax avoidance scheme was found not to be acting fraudulently or negligently after relying on professional advice.
HMRC have provided their first examples showing how they might apply the new targeted anti-avoidance rule (TAAR) to combat "phoenixing" which was introduced by Finance Bill 2016.
The Office of Tax Simplification (OTS) have published two discussion papers on small company tax reform, ‘Lookthrough taxation’ and ‘Sole Enterprise with Protected Assets'.
In The Personal Representatives of Michael Wood v HMRC [2016] UKUT 0346 the Upper Tribunal (UT) has held that a discovery assessment does not have to be set aside just because the taxpayer has died.