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Following Royal Assent of Finance Act 2016 we summarise the most important recent developments for SMEs and OMBs.
For our latest OMB update see Company Tax: What's new Aug/Sep 2017
SME Tax News
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The Government has launched a consultation ‘Introducing a Pensions Advice Allowance: consultation’. This looks at allowing tax free draw down from pension schemes to cover the cost of financial advice.
HMRC have opened a consultation “Museums and galleries tax relief consultation” aiming to support museums and galleries and help them develop and display new exhibitions and collections.
In Paul Telfer v HMRC [2016] TC05350 the First Tier Tribunal (FTT) found that caravans which the taxpayer had to live in to carry out his employment duties did not qualify for capital allowances.
Our top ten picks of key measures for SMEs and their owners introduced by the Finance Act 2016.
It's official: RTI is confusing for small employers. HMRC have published new Real Time Information (RTI) research findings; “Managing Pay As You Earn in real time: challenges faced by micro-employers”. This looks at what drives reporting errors and how HMRC can help micro-employers meet RTI reporting requirements.
HMRC have issued guidance on the withdrawal of Extra-Statutory Concession (ESC) A94: Theatre Angels, removing the ability to treat distributions of profits as deductible expenses.
HMRC has updated its current list of deliberate tax defaulters. The list 'names and shames', detailing the defaulter's name, industry, tax, and penalties.
Finance Bill 2016 finally became the Finance Act 2016, getting Royal Assent on 15 September 2016.