SME Tax News

The Public Accounts Committee (PAC) has recently opened an inquiry into the UK's management of ‘tax expenditures’ and tax reliefs provided for certain activities or goods, an area it has kept under review for the last ten years.

The leading professional bodies have all recently published agreed a series of Question & Answers (Q & A) which explain a member's duties in respect of Professional Conduct in Relation to Taxation (PCRT). This is when they provide any service that contributes directly or indirectly to the preparation, submission, agreement of and advice on any or all aspects of a company’s Research & Development (R&D) claim.

The government has extended the closing date to its second consultation, 'Preventing abuse of the R&D tax reliefs for SMEs'. The closing date is now 28 August 2020.

Hello, 

This week we feature some really useful and practical guides and of course, all the latest news on government support during these difficult times. Welcome to all our new subscribers; May was a record month in terms of visitors.

HMRC have issued the Agent Update for June/July 2020. We have summarised the key content for you with links to our detailed guidance on the topics covered.

In Peter Marano v HMRC [2020] TC7685, a US citizen who delayed reporting £20 million in capital gains was unsuccessful in persuading the First Tier Tribunal (FTT) that HMRC's knowledge of his inaction rendered its subsequent discovery assessment as 'stale'. Late filing penalties were also upheld as he had a history of poor compliance.