A new clause has been added to the Finance Bill 2015-16. It allows HMRC to deduct a 45% rate of corporation tax on compound interest which has been awarded to a company in respect of a restitution claim.
SME Tax News
In Peter Andrew v HMRC [2015] TC04672 the First Tier Tribunal (FTT) concluded that although a termination payment was made due to redundancy it was still fully taxable as it constituted a contractual payment in lieu of notice.
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This time, amongst other things, we report a self-employed travel expenses case which is guaranteed to perplex and confuse.
In a move described by the Chartered Institute of Taxation (CIOT) as a "victory for common sense" HMRC have announced that they are phasing out business records checks (BRCs).
In David Jones V HMRC [2015] TC04643 a self employed consultant anaesthetist with an established private practice at his home was denied tax relief for travel to two of the hospitals at which he visited for work: the number of his visits made his attendance "regular and predictable". Travel to and from home to other hospitals was allowed.
People reaching State Pension age before 5 April 2016 have the chance to top up their state pension by up to £25 per year by making class 3A voluntary contributions before 5 April 2017.
In Mary Walker v HMRC [2015] TC04646 the First Tier Tribunal reduced the penalties for late filing of a P35 on the grounds of reasonable excuse as HMRC had advised the appellant that they would accept the information submitted on paper.
In James Dutton-Forshaw v HMRC [2015] TC04644 the First Tier Tribunal (FTT) accepted that a property occupied for only seven weeks was a taxpayer's only or main private residence for Capital Gains Tax.
- Dividend and LLP profit schemes fail: income is from employment
- Employment related securities: missing and corrupt returns
- HMRC Employer Bulletin October 2015
- Reforms to the taxation of non-domiciles: HMRC consultation
- Nichola's SME Tax W-update 16 October 2015
- Closure rules: responses to Condoc published