Rossmartin.co.uk's team of tax editors and writers update and expand our practical tax resource five days a week. Our team includes:
SME Tax News
Next year’s Budget will take place on Wednesday 18 March 2015. See Autumn Statement highlights for a list of key proposals to be included in the 2015 Finance Act.
Entrepreneurs' Relief: a review of the changes made by Finance (No.2) Act to rules on incorporation, anti-avoidance measures and alternatives.
The department of Business Innovation and Skills (BIS) has commenced a new consultation on the use of corporate directors by UK companies and is also considering how its review of the use of corporate members of LLPs should progress.
In HMRC v Donaldson [2014] UKUT 0536 (TCC), the Upper Tax tribunal (UT) confirmed that HMRC had correctly imposed daily late filing penalties under para 4(1)(c) schedule 55 FA 2009. The case has been appealed by the taxpayer.
Autumn Statement 2014: surprise announcements on restriction of Entrepreneurs' Relief on incorporation and new Stamp Duty Banding. Subscribers, please see your detailed version: Finance Bill 2015 tax update and rolling planner
The Government's has approved proposals for the Direct Recovery of Debts from taxpayer's bank accounts however following consultation has created the following safeguards to the measures which will be included in the 2015 Finance Bill.
Instead of requesting a cash repayment of overpaid tax credits HMRC will where circumstances permit now reduce current tax credits awards in order to repay outstanding debts from previous claims. Depending on a person's circumstances, outstanding overpayment(s) may be from one or more previous awards.
The Pensions Regulator has already fined employers for failing to comply with the Workplace Pensions rules in the quarter to September 2014. It warns that some employers are not aware that the new rules apply to them.
In Exec of Mr Jeffrey Leadley v HMRC TC04007 the tribunal examined who could make negligible value claims in respect of share losses on death.