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.
SME Tax News
HMRC say that where a settlement has not been reached on a disguised remuneration loan scheme by 5 April 2019, they will still give consideration to reaching an agreement under the existing terms.
Proposed changes to the definition of a personal company for Entrepreneurs' Relief have been amended as Finance Bill 2019 goes through parliament, to offer an alternative, less stringent test.
Fewer than a third of company incorporations took advantage of the new joined HMRC and Companies House 'Streamlined Company Registration Service' last year.
Happy New Year
A short update this week. If you have time over your cuppa, do try our Christmas Quiz.
HMRC have further updated their suite of documents and guides that are designed to assist businesses who are likely to be impacted by a 'No Deal' Brexit. A very wide range of business will be affected from importers and exporters of goods and services to hauliers, tour operators and travellers.
Following a consultation in 2018, Finance Bill 2019 provides for a fixed rate writing down allowance for goodwill and other intangibles created or acquired by companies on or after 1 April 2019 where they are acquired alongside qualifying intellectual property (IP) assets.