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This time, we feature some useful new guides to assist you in planning for the end of the tax year as well as making a review of topical cases.
SME Tax News
In Rupert Grint v HMRC [2019] UKUT 0028 the Upper Tribunal (UT) confirmed that Harry Potter star Rupert Grint's accounts did not meet the requirements for a change of accounting date for tax; the accounting period was too long.
In Stephen May v HMRC [2018] TC6928, the First Tier Tribunal (FTT) held that a horizontal silo was plant for capital allowance purposes.
Following recent discussions with the Treasury sub-committee, HMRC have updated their guidance on the settlement terms being offered for disguised remuneration and contractor loan schemes ahead of the loan charge in April 2019.
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The chancellor has announced date of his Spring Statement. This is an not an additional budget (Budget 2019 is scheduled for the Autumn), we might though expect further announcements on key measures such as Making VAT digital and perhaps hear more on certain outstanding consultations, such as employment status.
In Gavin Faulkner v HMRC [2018] TC6500, the First Tier Tribunal (FTT) agreed that the inability of a member of a limited liability partnership to obtain figures for a loss claim can be a reasonable excuse for late filing.
HMRC recently issued a new factsheet about the Disguised Remuneration Loan Charge. Tax barrister Keith Gordon has published a ‘line by line takedown’ of the factsheet. We thought it might be interesting to add a different point of view.
In DAC Beachcroft LLP v HMRC [2018] TC 6704, the first tier tribunal (FTT) found that legal advice privilege (LAP) applied to conveyancing documents sought by HMRC during enquiries.
The Chancellor of the Exchequer has announced that the next Spring statement, where the government will respond to the forecast from the Office for Budget Responsibility (OBR), will be held on the same date as last year, on Wednesday 13 March 2019.
This is our year-end and new tax year tax checklist and toolkit for individual Private Clients, it can be used in conjunction with our checklists for Directors, Employers and Self-employed individuals.