Hello
This week we have a mixed bag with a new guide for brewers, microbrewers and gin makers, updates to several of our capital allowance guides, some interesting cases and latest Coronavirus tax news.
SME Tax News
It has been reported that employers and agents who have submitted forms P11D and P11D(b) on time are receiving penalty warning letters from HMRC.
HMRC have started the next phase of compliance activity on the Coronavirus Job Retention Scheme (CJRS). It has written to around 3,000 employers it believes may have been overpaid. A penalty and tax liability could arise if any overpayment is not repaid in time and there is a failure to notify HMRC about it.
HMRC have warned employers that those using its template to upload their CJRS information should make sure the data are in the correct format. If not applications may be rejected.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 September 2020. Most remain unchanged from the rates applicable for the previous three months.
In HMRC v Parry and others [2020]UKSC 35, the Supreme Court found that a pension scheme transfer was not a transfer of value subject to IHT but not taking lifetime benefits from the scheme was.
In Sci-Temps Limited V HMRC TC07796, the First Tier Tribunal (FTT) allowed a company's appeal against a PAYE determination. HMRC had issued the determination under the wrong PAYE regulation and the employer took reasonable care.
Hello
This time, we have some updates for the self-employed, employers, agents and anyone with outstanding loan charge issues. For parents, we look at more 'reasonable excuses' for failing to declare High-Income Child Benefit Charge (HICBC) and we have our usual review of topical tax cases.
HMRC have issued the Agent Update for August/September 2020. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Legends Leisure Ltd V HMRC [2020] TC07795, the First Tier Tribunal (FTT) held that the three penalties totalling £600 and issued for failure to file three PAYE Real-Time Information (RTI) returns on time were valid.