In Bayonet Ventures LLP and R K Howard v HMRC [2018] TC06493 a loan made by the Bayonet Ventures Pension scheme to the LLP was held not to be a loan to the LLP members and not an unauthorised member payment from the scheme.
Nichola's SME Tax W-update 8 June 2018
Hello
This week we have a mixed bag after another busy week. Following the end of the registration period for the disguised remuneration settlement opportunity it seems that HMRC are keeping this open for the time being and we have been receiving lots of queries about contractor loan schemes and EBTs.
MTD pilot extended to landlords
HMRC have now extended the Making Tax Digital (MTD) pilot for income tax to landlords.
Construction industry reverse charge: consultation
HMRC has published ‘Draft legislation: VAT reverse charge for construction services’, which will bring in a new reverse charge for supplies between construction businesses in order to combat VAT fraud in the sector.
Farming: At a glance
What is farming? What are the tax consequences and tax considerations of farming? What expenses can farmers claim for tax purposes? Are there special tax and accounting rules for farmers? What are the VAT rules for farmers? What are the tax consequences of diversification?
Disguised remuneration settlement registration still open
Registration for the disguised remuneration final settlement opportunity was due to end on 31 May 2018; HMRC have amended their guidance to remove this deadline, asking those interested in reaching a settlement to register ‘as soon as possible’.
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