HMRC has applied a fix for some of the Self Assessment online filing software specification errors relating to income tax allowances. There is now also an issue on the Capital Gains Tax (CGT) pages which is unrelated to the other problems
SME Tax News
In Trustees of P Panayi A & M Settlements v HMRC (Case C-646/15) CJEU the European court held that if a trust was an entity under UK law the EU right to freedom of establishment would apply when it moved offshore.
In Akers and Ors v Samba Financial Group [2017] UKSC 6, a non-tax case, the Supreme Court considered the validity of a Trust arrangement over assets situated in a country that does not recognise trusts.
HMRC have issued the Agent Update for October / November 2017. We have summarised the key content for you with links to our detailed guidance on the topics covered.
HMRC have advised that from 13 January 2018, they will not longer be accepting payments from personal credit cards.
The OTS have published a call for evidence as it begins its review of whether to replace capital allowances with depreciation.
On 17 October 2017 the new online trust registration service (TRS) went live for agents.
MTD start dates: HMRC published draft secondary legislation in September 2017. The proposed start date is not confirmed but is given as 6 April [YYYY]. If we assume that [YYYY] = 2020, some businesses seem to start in 2019.
A round-up of the latest developments in tax for private clients, covering Income Tax, Capital Gains Tax (CGT) and Inheritance Tax ( IHT).
In Rebecca Louise Vowles v HMRC [2017] TC06123 the abused partner in a failed relationship was let off substantial tax on dividends and employment benefits and penalties on the basis that she had been acting only as a nominee director and had no beneficial entitlement to the income assessed by HMRC.