In Wilsons Solicitors LLP v HMRC [2018] TC06778 the First Tier tribunal held that the money laundering record keeping obligations of a solicitors partnership did not make them a relevant data holder for the purposes of HMRC’s data gathering powers.
SME Tax News
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 December 2018.
In the 2018 budget a temporary increase to the Annual Investment Allowance (AIA) was announced. The ATT has requested an amendment to the draft legislation to allow SME businesses who are disadvantaged in periods which straddle 1 January 2021 to opt out of the increase.
Following a request from the Chancellor the Office for Tax Simplification (OTS) has undertaken a review into the Inheritance Tax (IHT) regime and their first report has now been published.
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In this time's web-update: the House of Lords urges HMRC to defer all aspects of Making Tax Digital, we look at new measures likely to catch out Non-residents and much more.
In A McCashin v HMRC [2018] TC06776 the First-Tier tribunal (FTT) dismissed an appeal against unauthorised payment charges on pension scheme withdrawals paid to Gibraltar.
The House of Lords’ Economic Committee has published ‘Making Tax Digital for VAT: Treating Small Businesses Fairly’. It recommends a one year delay in Making VAT Digital (MVD) mandatory. Unconvinced of HMRC’s logic that MVD will result in fewer errors, it finds that the forced use of software will make life even more difficult for small business.
In Arron Banks v HMRC [2018] TC06768 the First Tier tribunal (FTT) denied exemption from IHT for gifts to a political party: UKIP did not meet the criteria as their MPs were not appointed at a general election.