The end of year Real Time Information (RTI) PAYE submissions should have all been made by 19 April 2015 at latest. Although HMRC does give a three day grace period. What happens if you don't report your payroll information on time? HMRC may well charge a penalty.
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In The Queen (on behalf of Andrew Michael Higgs) v HMRC [2015] UKUT 0092 (TCC) HMRC refused to repay an overpayment of tax following late filing of a tax return, claiming that the four year limit prevented repayment. The Upper Tier Tribunal decided that no time limit applied in the circumstances.
Certain employers have a number of new and continuing obligations in 2015/16:
In Gregory Finn, Averil Finn, Andrew Cornish and Robin Morris v HMRC [2015] TC 04347, a group of Enterprise Investment Scheme (EIS) investors lost their relief when their company was acquired by another company in a reverse takeover.
According to a written statment in Hansard, a number of clauses which had been intended for inclusion in Finance Bill 2015 have been deferred "as a result of discussions with the Opposition in the context of the end-of-Parliament wash up process". They are:
There were two new announcements affecting Entrepreneurs' Relief (ER) in the 2015 Budget, in addition to measures previously proposed in the 2014 Autumn Statement. Subscribers: please click here for your detailed version of this note, with worked examples.
The chancellor George Osborne has made his budget report. Highlights include changes to the Entrepreneurs' Relief rules for limited company investment in partnerships, associated disposals and joint venture holdings and a restriction on CGT relief on wasting assets. Do read on to the end.
The EU court of Justice has ruled that France's 15.5% social charge on property sales by non-French EU residents is illegal. Some sellers may nevertheless have difficulty obtaining refunds of tax paid overpaid.