HMRC published Off-payroll working rules from April 2020 Summary of Responses in response to its second consultation on the introduction of the new off-payroll working rules for workers working in the private sector.
SME Tax News
In Louise Willmott v HMRC [2019] TC6789, it was held that class 1 national insurance contributions from two associated employments could be aggregated, and class 3 contributions could be paid after the usual time limit.
Following a request from the Chancellor, the Office for Tax Simplification (OTS) has completed its review into ways to simplify Inheritance Tax and has now published the second part of its report.
HMRC have released additional information via their agent webinars about how to report disguised remuneration loans for the loan charge.
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The draft clauses for the Finance Bill 2020 were published this week, items of key interest to SME advisers include the introduction of 'off-payroll working' to the private sector and restrictions on Capital Gains Tax (CGT) Private Residence Relief (PRR).
The House of Commons Treasury Committee have taken a close interest in the progress of Making Tax Digita for VAT. MPs have become concerned about the decreasing service levels on some of HMRC’s VAT helplines and new statistics reveal that average call times are increasing.
HMRC have published a new research report ‘Lifetime Gifting: Reliefs, Exemptions, and Behaviours’ into taxpayer awareness of the inheritance tax (IHT) rules and how it influences the making of lifetime gifts.
The first draft of Finance Bill 2020 has been published. The bill includes a number of measures previously announced at Budget 2018 and the recent Spring Statement and intended to take effect from April 2020, including:
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The week: Self Assessment payment on accounts may be being calculated incorrectly, IR35 back in the tribunal, devolved tax penalties trip up, quasi directors and penalties and much more.
There have been problems with the self-assessment system and payments on account for 2018/19 which may result in some taxpayers facing larger than usual tax bills in January 2020.