In The Quentin Skinner 2005 Settlements v HMRC [2019] TC7312 the FTT approved an Entrepreneurs relief claim on a sale of shares by a trust: the 1 year period did not have to be met by a qualifying beneficiary if they already met the personal company conditions for shares held personally.
SME Tax News
In Andreas Rialas v HMRC [2019] TC07316 the FTT found the Transfer of Assets abroad rules did not apply to dividend income: Mr Rialas was not the transferor of shares acquired by his offshore family trust from his former business partner.
The Office of Tax Simplification is asking self employed taxpayers and residential landlords to complete two online surveys as part of its current project on simplifying tax reporting and payment arrangements for these taxpayers.
Missed our SME Tax Web-updates in August? Here is a summary of the month.
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This time: Off-payroll working rules will increase your chances of investigation. Is software ready for the CIS VAT reverse charge? The latest trusts and estates newsletter and changes to employee fuel rates.
Up to 170,000 Personal Service Companies (PSCs) are likely to be affected by the Off-payroll working rules which come in from next April according to HMRC. These changes could result in a windfall of IR35 tax Discovery cases for HMRC and a resultant tax-hell for PSCs and their owners.
With a month to go before the introduction of the VAT reverse charge mechanism to the Contruction Industry, there are signs that some of the top selling accounting and bookkeeping software for small business is not yet ready for the changes.
It's set be 'all change' for many* Personal Service Company (PSC) owners next April, when the new private sector off-payroll working tax rules replace IR35. Those affected will find that their company fees will be paid to them after deduction of PAYE tax and National Insurance by their 'payer'.
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 September 2019.