A new HM Treasury consultation and review ‘Financing Growth in Innovative Firms’ considers the demand for ‘patient capital’ and options for a domestic replacement to the European Investment Fund (EIF), if following Brexit, that fund is no longer an active investor in UK business.
SME Tax News
The chancellor has announced that the Autumn Budget 2017 will be held on Wednesday 22 November 2017.
HMRC have published draft secondary and tertiary legislation and guidance in respect of Making Tax Digital for business, for Income Tax and VAT, together with draft guidance on MTD for VAT. Comments are invited by 10 Nov 2017.
In David Hogg (as executor of Mrs B Dodd) v HMRC TC05987 the First Tier Tribunal (FTT) held that neither s8 nor s8A of TMA 1970 apply to an Executor’s Return so late filing penalties should be cancelled.
The CCAB has published its new draft money laundering guidance for auditors, accountants and tax advisors.
The Office of Tax Simplification (OTS) published its report 'Simplification of the Corporation Tax Computation' in July 2017. It makes recommendations for Corporation Tax to be modernised and simplified.
In Charles O’Rorke v HMRC [2017] TC6008, the First Tier Tribunal (FTT) upheld an assessment that a director was negligent so personally liable for the company’s NIC bill.
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The Chancellor has published a letter which asks the Office of Tax Simplification (OTS) to conduct a further review of the proposal to use depreciation instead of capital allowances for tax.