SME Tax News

In Vitol Aviation UK Limited & Ors v HMRC [2021] TC08287, the First Tier Tribunal (FTT) found that HMRC had sufficient information on the applicants' transfer pricing model to issue closure notices and that an ongoing enquiry into Diverted Profits Tax (DPT) was not reasonable grounds for refusing to do so.

Accountants don’t take time enough for themselves for Inheritance Tax planning, especially when they’re younger. That’s one of the points our tax consultants Rachel Davies and Andrew Symons intend to hammer home in their conference presentation on IHT for accountants at next week's Virtual Tax Partner Practical tax conference.

In Sheiling Properties Ltd v HMRC [2021] EWCA Civ 1425, the Court of Appeal agreed that an Accelerated Payment Notice (APN) could be issued to an employing company for PAYE liabilities determined under Regulation 80. The amounts determined were ‘disputed tax’ under the APN rules.

Hello,

Research prepared for HMRC on the 'Impact of Making Tax Digital for VAT' seems to have been buried on HMRC’s website. Published in July 2021, it reveals something of a mixed picture regarding benefits that Making Tax Digital (MTD) for VAT can offer businesses.

Research prepared for HMRC on the 'Impact of Making Tax Digital for VAT' reveals a mixed picture regarding the benefits that Making Tax Digital (MTD) for VAT can offer businesses. It seems that if you really want to ensure accuracy in your VAT reporting you need to engage an accountant and use fully functional software.

HMRC have published a policy paper, 'Customer costs and benefits for the next phases of Making Tax Digital'. The paper assesses the costs involved with the next phases of transitioning across to Making Tax Digital (MTD) for both VAT and Self Assessment as well as ongoing annual costs.

 

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