SME Tax News

HMRC has extended the deadline for notification under its New Offshore Disclosure Facility (NDO); the take up to-date has proved very low.

Update on this item: HMRC changed its policy in this matter in October 2010, see Share Loss Relief

If you subscribe for shares in a trading company, and later dispose of them at a loss, you can offset the loss against general income. HMRC now says that where shares were subscribed for in joint names relief is impossible.

HMRC is about to start a pilot "exploring" the way that its new breed of tax compliance check will work. These cross-tax compliance checks might get a few tax agents hot under the collar too. 

HMRC is closing down its online computer services for three days starting on Friday 20 November 2009.

Most employers are required to file their 2009-10 Employer Annual Returns online.

The Chartered Institute of Taxation (CIOT) has expressed delight at the news that its campaign to retain the ‘equitable liability’ practice has been successful.


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