SME Tax News

Hello,

I gave a talk on the new Construction Industry Scheme (CIS) reverse charge VAT measures (due to apply in October) this week. My chatty audience asked many questions and we worked through many of the practicalities of implementing the changes that are required to reverse charge your supplies. I am not sure that any of my software currently allows me to use both cash and accruals accounting at the same time and I wonder how many people have actually tried a ‘walk through’ of a typical construction contract under the proposed measures. I recommend that you have a go.

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In John Leonard McNeill Shelford as Trustee of the Herbert Life Interest Trust Settlement & Ors v HMRC [2019] TC7549, the First Tier Tribunal found that a home loan scheme was not effective IHT planning. The transactions were void and the assets remained in the estate on death.

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In Castlelaw (No 628) Limited and Irene Douglas v HMRC [2020] TC7540, the First Tier Tribunal upheld penalties under the Senior Accounting Officer rules for failures to make notifications about a dormant company. An innocent mistake was not a reasonable excuse.

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The statutory legacy amount due to a surviving spouse or civil partner when an individual has died intestate has been increased for the first time in over 5 years.

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HMRC have announced a change to the extension of the off-payroll rules (IR35) to the private sector which will now only apply to payments made for services provided on or after 6 April 2020.

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In Nicholas Walewski v HMRC [2020] TC7554, the First Tier Tribunal dismissed an appeal against a reallocation of the profits of mixed-member LLPs to an individual partner. There was no evidence the profit allocations were for any reason other than the individual’s power to enjoy them.

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The Law Commission has published a new report about the use and validity of electronic signatures on documents.

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Scottish Public Finance Minister Kate Forbes announced the draft Budget for 2020/21 on 6 February 2020.

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Hello,

Last week, the government published draft legislation detailing the 6 April 2020 changes to National Insurance thresholds. Disappointingly, they have decided to diverge the thresholds at which employee and employer make contributions. We see the divergence of the thresholds as an added and unwelcome complication and something that is really annoying if you are programming software and tools.

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The House of Lords Finance Bill Sub-Committee has published a new call for evidence on the extension of the Off-Payroll Working rules to the private sector. The Treasury announced the review in January in the hope of ensuring smooth implementation of the rules which come into force in April 2020.

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Archived SME tax news Article Count:  336

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