HMRC’s latest statistics reveal that 1,025 companies claimed £942.5m in Patent Box relief in 2016/17. Three quarters of those claims were made by SMEs however in terms of claims' value, large companies claimed 96% of the relief.
SME Tax News
In Shaun C Long v HMRC [2018] TC06563 is another case where the FTT has decided that HMRC had been incorrectly overcharging six and twelve month late filing penalties for nil liability late self assessment return.
The Chartered Institute of Taxation (CIOT) report that there have been a number of errors on R40 computations prepared by HMRC.
In Mark Butterworth v HMRC [2018] TC05276 the FTT was confused by what is meant by a 'tax liability' when it comes to Self Assessment and PAYE. As a consequence it did not reduce six and twelve month late filing penalties on a 'nil' liability return.
Hello
Many of you will agree with me, I'm sure, that travel rules for the self employed have to be applied using a certain amount of judgement according to the facts and individual circumstances. The rules are not straightforward. You need a good grasp of case law, and often, unless your case sits on 'all fours' with one of the case precedents, it can be something of a lottery as to whether or not your client can survive a full tax enquiry into their travel expenses unscathed.
In Gemma Daniels v HMRC [2018] TC06640 an 'exotic dancer' was allowed relief for costumes, cosmetics and beauty treatment but was deemed to be careless for her own and her accountant's failure to correctly self assess the travel rules for the self-employed.
The House of Lords Economic Affairs Finance Bill Sub-Committee want to hear from a 'wide range of people' in inviting written contributions for its inquiry on the draft Finance Bill 2018 and examining developments in the balance of powers and safeguards between HMRC and the taxpayer and progress on the ‘Making Tax Digital’ programme.
We have added a warning note to our Statutory Residence Test (SRT) guides. The new warning will apply to cases where a taxpayer may be resident for tax purposes in more than one country and there is a double tax treaty.