SME Tax News

0T tax codes are being sent out ahead of 2010/11 to those who HMRC estimates will have an income in excess of £112,950.

Barrister Keith Gordon was concerned that Parliament was misled during the committee stages of the Finance Act 2008 when the rule in Sharkey v Wernher was legislated.

Aross the main taxes, a taxpayer can generally avoid being penalised for non-compliance if he can put forward a defence of “reasonable excuse”. In many cases this has to be decided by the First-tier Tribunal. This is a round-up of recent decisions.

A summary of the 2009 Pre-Budget Report (in less than 50 words)
50% employer tax on bank bonuses, a freeze on all tax rates and allowances, National Insurance increases from 2011.

No changes to equalise capital gains tax (CGT) rates, or change CGT Private Residence Relief.  VAT increase at midnight, 31 December, as planned.

 

A new bank payroll tax applies from 9 December 2009.

HMRC may telephone taxpayers in connection with a tax compliance review. Nichola Ross Martin says, "Make sure you keep a note of exactly what you say".

 

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