The new government backed Help to Save scheme, offering up to £1,200 tax free bonuses to low income savers, is to be delayed and will now open to eligible persons from 15 October 2018.
SME Tax News
In Margott as representative member of MDL Property Consultants LLP v HMRC [2017] TC06278, the First Tier Tribunal (FTT) held an LLP is not required to file a partnership return, but also gave a number of alternate judgments removing late filing penalties on the basis that the taxpayer had a reasonable excuse.
In David Goldsmith v HMRC [2018] TC06284, the First Tier Tribunal (FTT) held that no late filing penalties could be charged as the tax returns were issued for the wrong reason.
In Darren Cresswell v HMRC [2017] TC06274, the First-Tier Tribunal (FTT) quashed a 'hopeless' Personal Liability Notice (PLN) which was out of time and not backed up by any evidence.
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As we move into the last two weeks of self assessment filing, we have some top tips for late filers, some cases of penalties and many updated guides.
If you fill in the repayment pages of your Self-Assessment Tax Return you may not receive the refund in the account you have specified following HMRC policy change.
HMRC have changed their view as to how they calculate penalties for error or mistake in a tax return. They have updated a number of compliance checks factsheets over recent weeks and this has lead to confusion as to what extent penalties will be reduced for the timing of a disclosure.
In Welland v HMRC [2017] TC06265 the First Tier Tribunal (FTT) found that the taxpayer’s ignorance of the new rules for Non-Resident Capital Gains Tax (NRCGT) was not a reasonable excuse for the late filing of his NRCGT returns. The penalties were upheld, but special relief was granted.