Draft legislation has been published for the new Structures and Buildings Allowance which differs from the original proposals announced in October 2018.
SME Tax News
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Some more interesting news on the 'disguised remuneration' loan charge this week. It turns out that one of the major promoters of self employed disguised schemes did not notify the schemes under DOTAS. By co-incidence, there is a growing realisation that HMRC's estimates that only some 50,000 people are affected by the coming loan charge may be woefully low.
In HMRC v Hyrax Resourcing Limited & Bosley Park Limited & Peak Performance Head Office Services Limited [2019] TC07025 the First Tier Tribunal (FTT) found that a contractor loan scheme should have been notified under the Disclosure of Tax Avoidance Schemes (DOTAS) regulations.
In Karl Higginbottom, Karl Critchley & Michael Lyon v HMRC [2019] TC6521 three employed workers were unsuccessful in claiming tax relief on for the costs of laundry and personal hygiene. They were unable to prove how much they had spent and whether the costs were incurred in performance of their duties as employees.
MP’s are claiming that HMRC’s estimate of the number of healthcare professionals who will be affected by the upcoming loan charge is too low.
The government has a launched a consultation “Protecting your taxes in insolvency” which looks at making HMRC a secondary preferential creditor for certain tax debts on the insolvency of a business. It closed on 27 May 2019.
A cross party group of MPs have submitted a new clause to amend the Sanctions and Anti-Money Laundering Act 2018 to ensure that the British Crown Dependencies of Guernsey, the Isle of Man and Jersey, all introduce publicly accessible registers of the beneficial ownership of companies within their jurisdiction no later than 31 December 2020. The government is accused of trying to delay its proposed measures ahead of a no-deal Brexit.
The chancellor of the exchequor Philip Hammond presented his Spring Statement today. It is not another Budget, that is set for next Autumn. Here are the highlights.
The EU has abandoned its plans to introduce a 3% digital tax levy after lack of agreement between member states. The move was vetoed by Ireland, Denmark and Sweden, meanwhile the UK, France, Italy and Spain have all proposed to introduce a digital tax at a national level.
Under measures confirmed today, the Dutch Caribbean island of Aruba, Barbados, Belize, the British overseas territory of Bermuda, Fiji, the Marshall Islands, Oman, the United Arab Emirates, Vanuatu and Dominica all join the EU's tax haven blacklist.