Following its Digital by default consultation, HMRC has decided that it will not be increasing the amount of XBRL tagging required in company accounts after all.
Archived SME tax news
A new consultation “The Taxation of Controlling Persons” seeks to tackle what the Government sees as a growing problem: people working in senior positions in both the public and private sector but using personal service companies to disguise employment.
The limit on qualifying Enterprise Management Incentives (EMI) options rises from £120,000 to £250,000 on 16 June 2012.
Chief Secretary to the Treasury, Danny Alexander has informed MPs that some 2,400 senior civil servants are working via their personal service companies to save tax.
In David A Marshall Jeweller Ltd v HMRC TC01955: an employer's tax scheme using the PAYE regulations failed resulting in a 10% penalty and a tax assessment.
Employers need to file their payroll end of year forms P35 by 19 May 2012 in order to avoid a fine.
Around 2,000 civil servants are working via personal service companies in order to avoid PAYE according to a leaked review created for chief secretary to the Treasury, Danny Alexander and reported on BBC’s Newsnight this week.
According to HM Revenue and Customs 650,000 people have still failed to file their 2010/11 SA returns. From 1 May 2012 they will receive daily penalties of £10 per day. That is £6.5 million in penalties per day.
HM Revenue & Customs (HMRC) have identified that nearly 12,000 people have been sent a Self Assessment daily penalty notice in error.
In T Healy v HMRC TC01940 [2012] an actor worked away from home: but were his accommodation, travel and subsistence expenses wholly and exclusively incurred for the purposes of his business and so allowable for tax?