Finance Bill 2019 includes proposals which extend the provision of emergency vehicles for private use by employees to cover all commuting journeys as well as allow for transitional reductions to the benefit in kind for three years.
SME Tax News
Finance Bill 2019 includes back-dated proposals to exempt the provision of electric charging facilities for employees with electric cars and corrects errors on the optional remuneration calculation for company cars.
In Ball UK Holdings Limited v HMRC [2018] TC05920 the First Tier Tax Tribunal (FTT) considered whether changes in a group's functional currency met compliance with UK GAAP and corporation tax.
In Mr George McHugh and Mrs Mary McHugh v HMRC [2018] TC06605 the First Tier Tribunal granted private residence relief for part of the three year period when a house was being built; ESC D49 applied and the homeowners could claim 24 month’s worth of relief.
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This time we have important news on penalty assessments and PAYE coding, a completely updated guide to Making VAT Digital (MVD) and lots more.
In Colin Rodgers v HMRC [2018] TC06617, the First-Tier Tribunal (FTT) dismissed the tax advisors appeal against a Conduct Notice issued for assisting a client create false purchase invoices.
Now that 2017/18 tax returns are starting to be filed, the ICAEW have reported problems between in-year adjustments and self-assessment making the process look less than dynamic.
In Jamie White v HMRC [2018] UTUK 0087 the Upper Tribunal (UT) denied income tax relief on irrecoverable loans to a trading company; they were capital in nature and not wholly and exclusively for the taxpayers trade.
In Hannah Armstrong v HMRC [2018] TC06606 a late penalty appeal was allowed and late filing penalties quashed by the First Tier Tribunal (FTT); HMRC's penalty notices and notices to file sent electronically did not meet all of the conditions for electronic communication so were not validly delivered.
HMRC have issued the Agent Update for August/September 2018. We have summarised the key content for you with links to our detailed guidance on the topics covered. We've kept to HMRC's order of contents, it's not very 'SME' at first, but read on, it warms up.