The Low Incomes Tax Reform Group (LITRG) is urging anyone who has not yet filed their online self-assessment tax return with HMRC for the year ended 5 April 2015, to do so by the end of this month or risk being charged more money.
SME Tax News
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This time we feature our updated Tax-efficient extraction of company toolkit. There are numerous new offshore measures and Scottish Tax is diverging from the rest of the UK.
In Dr Walapu v HMRC [2016] EWHC 658 a taxpayer sought judicial review in respect of an accelerated payment notice (APN). All his complaints were rejected.
The Supreme Court has dismissed an appeal by Future Capital Partners, the creator and a group of investors of the Eclipse 35 film scheme. The tax avoidance scheme failed because its activities never amounted to a trade.
HMRC has published a consultation: 'Tackling tax evasion: legislation and guidance for a corporate offence of failure to prevent the criminal facilitation of tax evasion'.
The Scottish First Minister, Nicola Sturgeon, has set out proposals for Scottish income tax in 2017/18 which will see some taxpayers in Scotland paying higher taxes than the rest of the UK for the first time.
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This week we have an Employer Special, mixed in with updates for Directors and other useful guides.
"Ignorance of the law is no excuse" so the adage goes. See if you can work out what you need to do to meet the exemption in subsection 5? The official explanatory notes and our crib sheet are below.