Chancellor George Osborne has announced that he will be holding a second Budget of 2015 on 8 July. He says that this will be a budget for "working people".
SME Tax News
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.
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:
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It has been some time since our last update; the new Finance Act has become law. In keeping with past general election years we will be expecting another Finance Act soon after May's general election so all in all a difficult year for advisers.
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.
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In this week's newsletter we have an updated guide to all the CGT changes anounced in last week's Budget. Worth a quick read through. A key measure was the withdrawal of Entrepreneurs' Relief for some owners of corporate LLP members. This could catch a few people out, but hopefully not now that we have flagged it up. We also have our Budget 2015: At a glance.