HMRC will start to use the data is acquires under Real Time Information (RTI) for PAYE, this May. This will mean that it will be able to revise and issue more accurate PAYE coding notices during the year.
SME Tax News
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The Finance Act 2017 has received Royal Assent and now all is quiet due to the pre-election purdah. We do have some news and case write ups for you, together with more updated guides in our database.
In Champneys Tring Limited v HMRC [2017] TC 05685 the First-tier Tribunal (FTT) upheld a PAYE determination on an employer who operated an incorrect tax code.
In John Jackson v HMRC [2017] TC05818 the First-tier Tribunal allowed a late application for enhanced protection: the taxpayer had a reasonable excuse for his latenesss.
In June 2017 HMRC will launch a compulsory online Trusts Registration Service for all trusts with UK tax liabilities and complex estates.
Finance (No 2) Bill 2017 received Royal Assent on 27 April 2017, becoming Finance Act 2017 and parliament was dissolved on 3 May 2017.
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Another exciting week in the world of tax. We have seen over half the current Finance Bill cut out due to the decision to call an early election. This has left a lot of taxpayers in limbo and it is perplexing that no announcement has been made to offer any comfort to those affected.
On Wednesday morning HMRC raided football clubs Newcastle United and West Ham United as part of an investigation into tax fraud. It is probably in connection with transfer fees.