HMRC have responded to the Office of Tax Simplification (OTS) tax simplification reviews for small companies and the closer alignment of income tax and NICs, rejecting some proposals and commissioning further reviews on others.
SME Tax News
In Alan Castledine v HMRC [2016] TC04930 it was decided that deferred shares fell within the meaning of 'ordinary shares' for CGT Entrepreneurs’ Relief.
In Mitesh Kothari v HMRC [2016] UKFTT TC04915 the First Tier Tribunal (FTT) decided that the occupation of a property was not sufficient to qualify it as a residence.
In Nigel Bell v HMRC [2016] TC04969 a director failed to secure EIS relief: some shares were not issued in time. Another case where HMRC failed to make a valid discovery assessment.
What does the Chartered Accountants’ Benevolent Association (CABA) really do?
Following the media leak of some 11.5 million documents from Panamanian offshore service provider and law firm Mossack Fonseca, HM Revenue & Customs (HMRC) has responded to the story.
The government has published responses to its recent consultation on company distributions and made some minor amendments to new rules on distributions proposed in the Finance Bill 2016.
The Chancellor announced a number of changes to Capital Gains tax (CGT) and Entrepreneurs' Relief (ER) in his 2016 Budget statement, including a reduction in capital gains tax rates for individuals.
The chancellor's 2016 Budget, together with HMRC's Business Tax Roadmap which was published alongside the budget documents, announced and confirmed a number of changes relating to corporation tax.
Budget 2016: summary of key new measures announced this week by the chancellor.