SME Tax News

HMRC may telephone taxpayers in connection with a tax compliance review. Nichola Ross Martin says, "Make sure you keep a note of exactly what you say".

If you call HM Revenue and Customs (HMRC) take detailed notes, so you can refer to them in the event of a dispute.

A recent tax Tribunal decision has decided that HMRC’s method of apportioning non-business use of an asset which in part qualifies for PPR for taper relief is not just or reasonable.

HMRC has extended the deadline for notification under its New Offshore Disclosure Facility (NDO); the take up to-date has proved very low.

Update on this item: HMRC changed its policy in this matter in October 2010, see Share Loss Relief

If you subscribe for shares in a trading company, and later dispose of them at a loss, you can offset the loss against general income. HMRC now says that where shares were subscribed for in joint names relief is impossible.

HMRC is about to start a pilot "exploring" the way that its new breed of tax compliance check will work. These cross-tax compliance checks might get a few tax agents hot under the collar too.