The Chancellor of the Exchequer has announced that the next Spring statement, where the government will respond to the forecast from the Office for Budget Responsibility (OBR), will be held on the same date as last year, on Wednesday 13 March 2019.
SME Tax News
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It's nearly over, that's the Self Assessment 'season', if only we could say the same about Brexxxk. We're reporting some fascinating stuff this week. Read on.
In Petrol Service Limited v HMRC [2018] TC06907 the FTT found that 'self employed' consultancy fees paid to the company’s directors were taxable employment income in respect of their directorships.
In Michael John Febrey v HMRC [2018] TC6897 a director was lucky to avoid a reg 72 determination making him personally liable for unpaid PAYE. The FTT found that accounting entries for a salary paid before a company went into liquidation were not actual paid earnings.
The Office of Tax Simplification (OTS) have published “Tecnhology Review: a vision for tax simplicity”, to consider how to use technology to achieve a simpler and better “user experience” without taking away taxpayer understanding and responsibility for their tax affairs.
HMRC have announced the opening of a new Profit Diversion Compliance facility to allow large international groups using arrangements targeted by Diverted Profits Tax (DPT) to bring their UK tax affairs up to date.
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This time: new facts and figures on the loan charge. Fluctuating income is no excuse for being late in paying your Self Assessment bill and check out our new TAAR tool.
In UBI Ltd v HMRC [2018] TC06771, the FTT agreed that a company with a poor compliance record was reasonably required to provide HMRC with security for PAYE liabilities. It failed to keep to a time to pay agreement.