The deadline for registering for Self Assessment is 5 October following the end of the tax year.
SME Tax News
Trustees should be aware that the deadline for registering trusts with a UK tax liability for the first time in 2017/18 is 5 October 2018.
With the 30 September 2018 deadline fast approaching those affected by the Requirement to Correct rules who are already under HMRC enquiry face continued uncertainty about the extent of their risk to future penalties.
On 30 September 2018 two deadlines will pass: one for providing information to HMRC in respect of Disguised Remuneration schemes to enable settlement to be reached by 5 April 2019, the other for correcting the position for undeclared offshore income and gains, yet there remains uncertainty around the interaction of the two settlement opportunities.
In Mr Darius Soleimani-Mafi v HMRC [2018] TC06629 the First Tier Tribunal (FTT) upheld capital gains tax discovery assessments for the disposal of a property on entering into a declaration of trust; no oral trust agreement already existed, there was a disposal on the date of the declaration and the taxpayer deliberately failed to declare the gain.
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This time we tackle two very modern tax problems, 'How to tax gains made on cryptocurrencies?' and 'Whether it is possible to claim exemption from next April's Making VAT Digital filing obligations?'
In Professional Game Match Officials Limited v HMRC [2018] TC06698, the First Tier Tribunal (FTT) found that football referees were self-employed. There was insufficient mutuality of obligation and control to amount to employment, even though the level of integration, hours worked and the absence of being business on their own account suggested an employment relationship.
In Ardeshir Naghshineh v HMRC [2018] TC06631 the First Tier Tribunal (FTT) allowed sideways loss relief claims for a farming business where losses were made for 17 years; at the start of the loss-making period the reasonable expectation was that the farm would not become profitable until after the period for which relief was being claimed.
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- Nichola's SME tax W-update 7 September 2018
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- NRCGT late filing penalties: change of regime unexpected
- Non Resident CGT late filing penalty appeal: scant evidence fails to assist case
- NRCGT penalties: 36% of returns filed late