SME Tax News

In HMRC v English Holdings (BVI) Limited [2017] UKUT 0842 TCC, the Upper Tribunal (UT) concluded that losses subject to corporation tax could be set against profits subject to income tax.

The OECD have published a new consultation “Mandatory Disclosure Rules for Addressing CRS Avoidance Arrangements and Offshore Structures”, it considers whether additional reporting requirements will reduce cross border tax evasion.

On 1 December 2017, HMRC published a new consultation, “Corporate Interest Restriction: Tax response to accounting changes for leasing”, on ways to ensure the corporate interest restriction rules work as intended following the introduction of IFRS16 Leases.

On 1 December 2017, HMRC published a summary of the responses to its discussion document “Lease Accounting Changes: Tax Response", combined with a new consultation “Leasing: Tax response to accounting changes”, on proposed new rules to take effect from 1 January 2019.

In Towers Watson Limited v HMRC [2017] TC06241, the First Tier Tribunal (FTT) decided HMRC could not raise matters not covered in their closure notice in response to the taxpayer’s appeal.

The research and development expenditure credit (RDEC) for qualifying Research and Development (R&D) will increase from 11% to 12% for qualifying expenditure incurred on or after 1 January 2018.

The Chancellor of the Exchequer has announced that the first Spring statement where the government will respond to the forecast from the Office for Budget Responsibility (OBR), will be held on Tuesday 13 March 2018.

This Christmas HMRC has issued a warning about a new scam using gift cards which is conning elderly and vulnerable people.

HMRC have issued the Agent Update for December 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.