SME Tax News

HMRC has published ‘Non-resident companies chargeable to Income Tax and non-resident CGT: summary of responses’. This explores whether non-resident companies with UK sourced property income or gains should pay corporation tax. It concludes that these companies should move into corporation tax.

In HMRC v Benham (Specialist Cars) Limited [2017] UKUT 0389 (TCC) the Upper Tribunal (UT) confirmed that HMRC needed to issue a discovery assessment (allowing losses to be utilised) when a provisional claim to rollover relief lapsed.

HMRC has published a response on 'Tax-advantaged venture capital schemes – streamlining the advance assurance service'. Following its recent consultation on the advance assurance service for tax-advantaged venture capital schemes.

Due to the delays in opening the new online trust registration service for agents, HMRC have yet again extended the deadline for filing information about existing trusts.

HMRC ran a consultation from 11 November 2016 to 3 February 2017 on Simplifying the Gift Aid donor benefits rules and has now published its summary of responses.

On 1 December 2017, HMRC published 'Royalties Withholding Tax - consultation'. It proposes extending the rules imposing withholding tax (WHT) on royalty payments made to non-UK residents.

HMRC have released new guidance for overseas contractors and subcontractors who will need to be aware of the Construction Industry Scheme (CIS) rules.

In both Behsodi v HMRC [2017] TC6156 and Moore v HMRC [2017] TC6155 the First Tier Tribunal (FTT) was invited to consider whether HMRC had correctly implemented daily penalties. In both cases the answer was 'No'.

HMRC have published a response to their consultation 'Making Tax Digital – sanctions for late submission and late payment', which includes details of the new points-based penalty system for late returns.