SME Tax News

Following last week's Budget, the Low Income Tax Reform Group (LITRG) have strong concerns over HMRC's proposal to give itself a new power: to take money directly from the bank accounts of tax debtors who owe more than £1,000 in tax or tax credits.

In Stephen Colchester v HMRC [2014] UKUT 0083 (TCC), the Upper Tier Tax Tribunal (UTT) held that a new building constructed in the grounds of a cottage was its annexe and so chargeable to VAT at the standard rate, rather than at the zero rate.

A summary of NEW measures from Budget 2014 and those previously announced in the 2013 Autumn Statement.

In Vinyl Design Limited and others v HMRC (TC 03345), the First Tier Tax Tribunal (FTT) has again confirmed that security and the avoidance of vandalism are irrelevant when it comes to satisfying the conditions for a car to be a ‘pool car’.

This week we have been updating some of our "old favourites" such as "Do I pay a salary or dividend for 2014/15?", and "Salary for 2014/15 to avoid NICs and penalties", as well as much of our tax data sections. Of course these things may change following the budget in a couple of weeks but we will just have to wait and see what happens.

Tiger Aspect, a London-based television production company, is working on a three-part documentary series about tax. It is looking to talk to accountants and advisers to understand their views on tax and investigations and HMRC.