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.
SME Tax News
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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.
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Brexit dominates the news headlines and it seems that one thing is certain: no one seems to know what's happening.
In George Edwards Consulting Limited v HMRC [2018] TC06760, the First-Tier Tribunal (FTT) found that overpaying PAYE is no reasonable excuse for filing your late P35.
The 585 page Draft 'Brexit' Withdrawal Agreement includes transitional rules for the treatment of goods, and a ‘backstop’ to ensure the requirement for no north-south hard-border in Ireland will be maintained.
- New Structures and Buildings Allowance: initial consultation
- Employment Related Securities: What's New? Autumn 2018
- Budget 2018: subscriber guide & CPD
- Resurrection of plans to increase probate fees
- RTI: penalties cancelled: no proof returns were late
- Corporate Capital Loss Restriction: consultation