HMRC have released a policy paper and draft legislation clarifying the tax treatment of partnerships in particular situations, such as where bare trustees, or other partnerships are partners.
SME Tax News
HMRC has engaged Microsoft's Corporate Vice President Jacky Wright to act as its new Chief Digital and Information officer as part of its Making Tax Digital transformation.
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This week we saw the publication of VAT guidance for Making Tax Digital (MTD) together with, not only secondary but also tertiary legislation, for Making Tax Digital for business.
A new HM Treasury consultation and review ‘Financing Growth in Innovative Firms’ considers the demand for ‘patient capital’ and options for a domestic replacement to the European Investment Fund (EIF), if following Brexit, that fund is no longer an active investor in UK business.
The chancellor has announced that the Autumn Budget 2017 will be held on Wednesday 22 November 2017.
HMRC have published draft secondary and tertiary legislation and guidance in respect of Making Tax Digital for business, for Income Tax and VAT, together with draft guidance on MTD for VAT. Comments are invited by 10 Nov 2017.
In David Hogg (as executor of Mrs B Dodd) v HMRC TC05987 the First Tier Tribunal (FTT) held that neither s8 nor s8A of TMA 1970 apply to an Executor’s Return so late filing penalties should be cancelled.
HMRC have, for the first time, released official statistics on the number of non-UK domiciled individuals in the UK and their incomes. It seems that officially, at least there are not very many.