The government have issued draft legislation for consultation on the creation of a register of beneficial owners of overseas entities owning UK property intended to take effect from 2021.
SME Tax News
In C J Wildbirds Food Ltd v HMRC [2018] TC06556 the First Tier tribunal agreed that a loan which could not be repaid and was written off by the lender was a loan relationship and a deduction was allowed for the impairment debit.
The Low Incomes Tax Reform Group (LITRG) is urging people to contact HMRC if they have missed the 31 July 2018 tax credits renewals deadline. The sooner you contact HMRC then the sooner they can get their tax credit payments re-started, If you are lucky, you might catch HMRC in time to renew before your payments are stopped.
HMRC have released more statistics showing the number of non-UK domiciled taxpayers and the amount of UK tax they have paid; based on their estimates the number of non-doms in the UK decreased by 24% for 2016/17 compared to the previous year.
Doing Social Media? What's Fake News? Should I still do surveys? What happens if I like your post? What happens if I share your post? Is my news feed real? FAQs answered on data mining, social media and generally being savvy about what you do on the net.
Are the major social media platforms nurturing malignant and dark forces that aim to disrupt our democracy? Quite possibly, according to the findings of the House of Commons select committee for Culture, Media and Sports in its Interim report, ‘Disinformation and ‘fake news’’.
In Tager & Anor v HMRC [2018] EWCA Civ 1727 the Court of Appeal reduced tax-related penalties imposed by the Upper Tribunal for failure to provide information from £1,075,210 to £220,000.
Hello
I have been reading over a few of HMRC's research findings this week and some of the results must be pretty shocking for them.
HMRC have published the results of a number of its different research projects. They all look at digital services, in particular the public's perception of the Personal Tax Account (PTAs), Digital Tax Account (DTA) and attitudes to digital contact in general.
How many people are employed in the UK? It's a good question, and Pay As You Earn (PAYE) is the biggest source of tax revenue its useful for setting the nations tax budget. According to HMRC'snewly published Experimental Statistics it is just under 33 million in 2017-18.