The Administrative Burdens Advisory Board (ABAB) has submitted its third Annual Report to David Gauke MP, Financial Secretary to Treasury. The news of quarterly digital reporting took it by surprise and it is disappointed at the extra burdens imposed on the self employed.
SME Tax News
HMRC have published their Employer Bulletin for April 2016. We summarised key content for you, with links to our detailed guidance on the topics covered.
Happy New Tax Year!
We are going through a fairly rapid period of change in tax at the moment and the 2016 Finance Bill has been tweaked following last month's budget. HMRC are slowly publishing responses to various consultations and updating necessary guidance.
Following the 6 April 2016 changes to the travel expenses for intermediaries, HMRC have published updated guidance on the meaning of supervision, direction or control (SDC).
In Nigel Bell v HMRC [2016] TC04969 a director failed to secure EIS relief: some shares were not issued in time. Another case where HMRC failed to make a valid discovery assessment.
HMRC have responded to the Office of Tax Simplification (OTS) tax simplification reviews for small companies and the closer alignment of income tax and NICs, rejecting some proposals and commissioning further reviews on others.
In Alan Castledine v HMRC [2016] TC04930 it was decided that deferred shares fell within the meaning of 'ordinary shares' for CGT Entrepreneurs’ Relief.
In Mitesh Kothari v HMRC [2016] UKFTT TC04915 the First Tier Tribunal (FTT) decided that the occupation of a property was not sufficient to qualify it as a residence.