On 13 July 2018 the Chancellor wrote and asked the Office of Tax Simplification (OTS) to carry out a further review of the small business lifecycle.
SME Tax News
HMRC have published their Employer Bulletin for August 2018. We summarise the key content for you, with links to our detailed guidance on the topics covered.
Hello
We have a 'fun-packed' edition for you this week, lots of interesting cases, the new Employer Bulletin and a bunch of updated guides.
In Esprit Logistics Management Limited, Mr Graham Dixon, OCUK Limited (formerly ESNET Limited), Michon Limited, Ripple Developments Limited, Mr David Wolfenden [2018] TC6517 a scheme to wipe out directors' loan accounts by waiver did not work. The amounts waived were employment income. HMRC's Reg 80 determinations were upheld.
The ICAEW has reported that errors are being found in HMRC’s annual reconciliation of taxpayers’ PAYE records for 2017/18.
HM Treasury have now issued a commencement order to allow the Welsh Government to introduce income tax rates for Welsh taxpayers with effect from 6 April 2019.
In The Personal representative of Mark Collins v HMRC [2018] TC06597 the First Tier tribunal allowed executors to appeal discovery assessments issued to the deceased; the appeals were nearly four years late.
In William Martland v HMRC [2018] UKUT178 the Upper tribunal refused permission for a late appeal against an excise duty assessment and penalties for wrongdoing totalling £34,201.
HMRC have published advisory rates for all electric company cars and now accept that if you pay up to 4 pence per mile when reimbursing your employees for business travel in a fully electric company car there is no profit for income tax or earnings for NI purposes.