HMRC has published a response to its consultation, ‘Scope of VAT Grouping’, looking at whether changes should be made to the rules on forming a VAT group should be changed following European Court decisions.
SME Tax News
In Johnston v HMRC [2017] TC06238, the First Tier Tribunal (FTT) held that no penalties were due as HMRC had sent the notice to file to the incorrect address.
HMRC has published the outcome of its call for evidence in relation to tackling fraud on goods sold online, ‘Alternative method of VAT collection’. This explored the prospect of real time VAT collection.
Wales will introduce the Land Transaction Tax (LTT), its own version of Stamp Duty Land Tax (SDLT), in April 2018 but the lower threshold for the tax has already been reduced by the Welsh Government.
Following the introduction of the Trust Registration Service (TRS) in 2017, HMRC have issued more guidance about how to deal with existing trusts, access for agents who cannot use the online system and 2016/17 tax returns for new trusts.
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It's been a busy start to the new year and with tax return season in full swing. We hope you will find our 2016/17 tax return toolkit really useful.
Following the introduction by Finance Act (No2) 2017 of the disguised remuneration loan charge with effect from 6 April 2019, HMRC have issued guidance on how to make an application to postpone the charge.