Missed our SME Tax Web-updates in December? Here is a summary of the month.
SME Tax News
Following the release of the report on the review of the loan charge in December, HMRC have now issued draft legislation to implement the proposed changes to the charge and updated guidance notes.
Hello,
In this time’s web-update we feature guides that aim to answer your last minute tax FAQs for Self Assessment (SA), carelessness by agents and, the Upper Tribunal (UT) finally resolves an important question: does a notice to file a SA return have to be issued by a human?
In HMRC v John Hicks [2019] UKUT0040, the Upper Tribunal (UT) allowed HMRC’s appeal. It found there had been carelessness on the part of the taxpayer's adviser so the discovery assessments raised were in time after all.
In HMRC v Nigel Rogers and Craig Shaw [2019] UT 0406, the Upper Tribunal (UT) decided that a section 8 notice to file a return does not have to be issued by an identified “flesh and blood” officer of HMRC. The UT also provided guidance to the FTT on how to address any future concerns that it has on the validity of s.8 notices.
HMRC has published its most successful tax fraud prosecutions for 2019. During the year 600 people were convicted and around £5bn was recovered through civil and criminal investigations.
In Angela Salazar v HMRC [2019] TC7398, the First Tier Tribunal (FTT) allowed an appeal against employment intermediary return late filing penalties. They were raised against the wrong person and the taxpayer had a reasonable excuse.
The Scottish Parliament has announced that its 2020 Budget will be held on Thursday 6 February 2020, less than a week after the date now set for Brexit of 31 January 2020.
Happy New Year.
We start the new decade with lots of exciting news and developments.
The Fifth EU Anti-Money Laundering Directive (5MLD) imposes new duties on accountants to not only check beneficial ownership of client companies and trusts for both direct and indirect tax advice but also to report any discrepancies found at Companies House.