The Department for Business, Energy and Industrial Strategy (BEIS) has launched a National Minimum Wage: consultation on salaried workers and salary sacrifice schemes.
SME Tax News
In Munro Sawmills Limited v HMRC [2018] TC 6645, the tribunal held that a company had reasonable excuse in its belief that it had filed its P11D(b) return on time.
In Ernold Ltd v Revenue Scotland [2018] FTSTC insufficiency of funds was held not be a reasonable excuse for a failure to file a Scottish land and buildings transaction tax return.
If you have received a dividend during a company liquidation it is now vital to check the TAAR conditions before you submit your tax return to HMRC.
HMRC have advised that over 4,600 overseas businesses have been issued with joint and several liability notices for not paying the right amount of VAT on online marketplace sales in the past 2 years.
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Some good news, this week. During the course of the parliamentary debate on the 2019 Finance Bill, HMRC have made modifications to the proposed changes to the qualifying conditions for Entrepreneurs' Relief.
In Timothy Raggatt QC v HMRC UKUT 0412, the upper tribunal held that a barrister with fluctuating income does not need to provide a reserve to pay his or her income tax but must still make adequate provisions to pay income tax as it falls due.
In Shareen Booth v HMRC [2018] TC6904 the FTT agreed on a 20% tax penalty for the careless failure to report a capital gain on the disposal of her renovated property.
- The loan charge: settlement with HMRC is still an option
- Entrepreneurs' relief: change to new definition of personal company
- Few takers for the Streamlined Company Registration Service
- Nichola's SME W-update 4 January 2019
- Brexit: HMRC's step by step guide to 'No Deal'
- Goodwill and intangibles: new form of relief