SME Tax News

Aross the main taxes, a taxpayer can generally avoid being penalised for non-compliance if he can put forward a defence of “reasonable excuse”. In many cases this has to be decided by the First-tier Tribunal. This is a round-up of recent decisions.

A summary of the 2009 Pre-Budget Report (in less than 50 words)
50% employer tax on bank bonuses, a freeze on all tax rates and allowances, National Insurance increases from 2011.

No changes to equalise capital gains tax (CGT) rates, or change CGT Private Residence Relief.  VAT increase at midnight, 31 December, as planned.

 

A new bank payroll tax applies from 9 December 2009.

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.