This Christmas HMRC has issued a warning about a new scam using gift cards which is conning elderly and vulnerable people.
SME Tax News
On 1 December 2017, HMRC published a new consultation, “Corporate Interest Restriction: Tax response to accounting changes for leasing”, on ways to ensure the corporate interest restriction rules work as intended following the introduction of IFRS16 Leases.
On 1 December 2017, HMRC published a summary of the responses to its discussion document “Lease Accounting Changes: Tax Response", combined with a new consultation “Leasing: Tax response to accounting changes”, on proposed new rules to take effect from 1 January 2019.
HMRC has published draft secondary legislation in respect of Making Tax Digital (MTD) for VAT in the form of regulations, a draft explanatory memorandum and draft VAT Notice, for public comment.
On 8 December 2017, HMRC published a new consultation entitled “Tackling the hidden economy: public sector licensing”, which proposes a requirement for licenses to trade conditional on tax compliance.
HMRC have issued the Agent Update for December 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.
HM Treasury has published a position paper to consider how the international tax framework operates in connection with the digital economy and whether it is flexible enough to deal with the differences in how certain digital business models operate and generate value, compared to more traditional business structures.
On 1 December 2017, HMRC published the response to its “Taxation of employee expenses call for evidence", which closed on 10 July 2017.