HMRC have published a consultation on Extension of Offshore Time Limits, which looks at giving HMRC twelve years in which to raise assessments where there is “non-deliberate offshore non-compliance”.
SME Tax News
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We have a fun-packed web-update this time. IR35, Sole trader v Limited company, trust registration deadlines, last minute R & D and Nesquick.
In John Hicks v HMRC [2018] TC06301, the First Tier Tribunal (FTT) held that HMRC did not meet the criteria for a discovery assessment when they tried to restrict the use of losses carried forward from a year under enquiry.
The Welsh government has proposed a “Vacant Land Tax” (VLT) aimed at land where planning permission has been granted, or that is within a local development plan, but no work has been carried out. The objective is to incentivise companies to build rather than hoarding land to increase its value.
In DJ Wood v HMRC [2018] TC06339, the First Tier Tribunal (FTT) found that a return was unsolicited so late filing penalties could not apply.
In Alan Jackson v HMRC [2018] TC06329, the First Tier Tribunal (FTT) again considered the question of whether a non-UK resident could be expected to know about the Non-Resident CGT regime. In this case, the answer was yes but the penalties were reduced to £100.
In Christa Ackroyd Media Limited v HMRC [2018] TC06334, the First tier tribunal (FTT) held that a BBC television presenter was caught by the IR35 regulations.
The government has opened a new consultation 'Enforcement of Employment Rights Recommendations'. This looks at simplifying the enforcement action by HMRC and tribunals against non-compliant employers and toughening sanctions applied.
The government has opened a 'Consultation on Measures to Increase Transparency in the UK Labour Market'. This consultation looks at transparency and employment contracts for the employee or worker.
HMRC have confirmed that employer’s can continue to recover VAT on pension scheme administration. This follows previous expectation VAT would not be recoverable from 1 January 2018.