The statutory legacy amount due to a surviving spouse or civil partner when an individual has died intestate has been increased for the first time in over 5 years.
SME Tax News
The Law Commission has published a new report about the use and validity of electronic signatures on documents.
In Nicholas Walewski v HMRC [2020] TC7554, the First Tier Tribunal dismissed an appeal against a reallocation of the profits of mixed-member LLPs to an individual partner. There was no evidence the profit allocations were for any reason other than the individual’s power to enjoy them.
Scottish Public Finance Minister Kate Forbes announced the draft Budget for 2020/21 on 6 February 2020.
Hello,
Last week, the government published draft legislation detailing the 6 April 2020 changes to National Insurance thresholds. Disappointingly, they have decided to diverge the thresholds at which employee and employer make contributions. We see the divergence of the thresholds as an added and unwelcome complication and something that is really annoying if you are programming software and tools.
The House of Lords Finance Bill Sub-Committee has published a new call for evidence on the extension of the Off-Payroll Working rules to the private sector. The Treasury announced the review in January in the hope of ensuring smooth implementation of the rules which come into force in April 2020.
In Pervez Akhtar v HMRC [2020] TC07545, the First Tier Tribunal (FTT) found that a taxpayer's excuse of 'bank error' was reasonable. It upheld the appeal against a penalty for failure to provide bank statements in response to an Information Notice from HMRC.
In Castlelaw (No 628) Limited and Irene Douglas v HMRC [2020] TC7540, the First Tier Tribunal upheld penalties under the Senior Accounting Officer rules for failures to make notifications about a dormant company. An innocent mistake was not a reasonable excuse.
- Tax 'Top Trumps': closure notice v information notice
- SME Tax Monthly Summary Jan 2020
- Upper Tribunal denies farming loss relief claims
- Nichola's SME Tax W-update 30 January 2020
- Stamp taxes & Duty: What’s new? January 2020
- Consultation: Fifth Money Laundering Directive and Trust Registration Service