Hello
We have a 'fun-packed' edition for you this week, lots of interesting cases, the new Employer Bulletin and a bunch of updated guides.
Nichola's Tax W-update 9 August 2018
Hello
Just a short newswire this week, we have some cases, we have some VAT and we also wonder why so many trusts are not reporting their ten year charges.
HMRC figures show trustees are failing to report ten-year charges
HMRC have recently released details of the value of assets held in UK taxpaying discretionary trusts at the ten yearly charge date, and have confirmed that information for more recent years is deemed to be incomplete because of delays by trustees in submitting accounts to HMRC.
Nichola's SME Tax W-update 3 August 2018
Hello
This time, I recommend you have a speed read of the items in our 'Being Digital' section. Even if you don't like a conspiracy you will shudder at some of the findings in the Common's Culture, Media and Sports committee. MPs also recommend further education on the 'dark ways' of social media, and so I have created a FAQs on what happens to your data.
Is an intercompany loan a Loan Relationship?
In C J Wildbirds Food Ltd v HMRC [2018] TC06556 the First Tier tribunal agreed that a loan which could not be repaid and was written off by the lender was a loan relationship and a deduction was allowed for the impairment debit.
Draft 'Registration of Overseas Entities' bill released for consultation
The government have issued draft legislation for consultation on the creation of a register of beneficial owners of overseas entities owning UK property intended to take effect from 2021.
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