Our top ten picks of key measures for SMEs and their owners introduced by the Finance Act 2016.
SME Tax News
It's official: RTI is confusing for small employers. HMRC have published new Real Time Information (RTI) research findings; “Managing Pay As You Earn in real time: challenges faced by micro-employers”. This looks at what drives reporting errors and how HMRC can help micro-employers meet RTI reporting requirements.
HMRC have issued guidance on the withdrawal of Extra-Statutory Concession (ESC) A94: Theatre Angels, removing the ability to treat distributions of profits as deductible expenses.
Finance Bill 2016 finally became the Finance Act 2016, getting Royal Assent on 15 September 2016.
HMRC has updated its current list of deliberate tax defaulters. The list 'names and shames', detailing the defaulter's name, industry, tax, and penalties.
The Scottish Parliament has published a consultation: 'A Scottish approach to taxation call for evidence' ahead of developing a new approach to taxation.
In Stephen West v HMRC [2016] UKFTT TC05285 the First Tier Tribunal (FTT) decided by casting vote that a director was not liable for PAYE on a bonus paid just before the company went into liquidation. Decision reversed by T, see below.