In the first two penalty appeals concerning the Annual Tax on Enveloped Dwellings (ATED) regime, the FTT finds that ignorance of the law is not a "reasonable excuse" for late filing.
SME Tax News
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The chancellor announced at the weekend that there will be a summer budget on 8 July 2015, so there will be more changes in legislation to take in this year. Assuming that the 0% Savings Rate will remain intact following the next budget, this time we take a look at savings income and planning opportunities for company owners.
Chancellor George Osborne has announced that he will be holding a second Budget of 2015 on 8 July. He says that this will be a budget for "working people".
The end of year Real Time Information (RTI) PAYE submissions should have all been made by 19 April 2015 at latest. Although HMRC does give a three day grace period. What happens if you don't report your payroll information on time? HMRC may well charge a penalty.
In The Queen (on behalf of Andrew Michael Higgs) v HMRC [2015] UKUT 0092 (TCC) HMRC refused to repay an overpayment of tax following late filing of a tax return, claiming that the four year limit prevented repayment. The Upper Tier Tribunal decided that no time limit applied in the circumstances.
Certain employers have a number of new and continuing obligations in 2015/16:
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It has been some time since our last update; the new Finance Act has become law. In keeping with past general election years we will be expecting another Finance Act soon after May's general election so all in all a difficult year for advisers.
In Gregory Finn, Averil Finn, Andrew Cornish and Robin Morris v HMRC [2015] TC 04347, a group of Enterprise Investment Scheme (EIS) investors lost their relief when their company was acquired by another company in a reverse takeover.