SME Tax News

The Treasury Sub-Committee's new report 'Disputing Tax' focuses on its two ongoing tax-related inquiries, covering the steps that HMRC has taken to address public concerns around tax avoidance and evasion and HMRC’s approach to conducting tax enquiries and resolving tax disputes and makes new recommendations to HMRC and to the professional bodies.

HM Treasury have published a response to ‘Digital services tax: consultation’, regarding the design and implementation of the proposed new tax to be introduced from April 2020.

Missed our SME Tax Web-updates in July? Here is a summary of the month.

HMRC have issued Spotlight 53: Disguised remuneration: tax avoidance using capital advances, joint and mutual share ownership agreements about schemes to avoid Income Tax and NIC using capital advances and offshore share ownership arrangements.

In Gordon Lim v HMRC [2019] TC07158 the FTT held no deduction could be claimed for forfeited property deposits and payments for breach of contract; the taxpayer had not incurred the costs as part of his property dealing trade.

Dropbox deleted our data and then restored it with the wrong dates. Users of Dropbox need to be aware that the service has a massive flaw. If things go wrong and you have to restore lost data, it will re-date all your files and folders to the date of restoration.