The First-Tier Tribunal (FTT) have released four decisions on reasonable excuse relating to VAT in the last month: we have briefly reviewed these in order to consider what the FTT considers is reasonable when it comes to late VAT filing or payment.
SME Tax News
HMRC have published their annual statistics for the uptake of Patent Box by companies, and for Research & Development Tax Credits.
HMRC have issued draft legislation for consultation on the latest round of extra-statutory concessions to be enshrined in law. This covers concessions on directors fees, Professional remuneration, Financial loss allowance and Payments from medical committees to members.
Draft legislation has been published which will give up to £25 per month to regular savers with a Help-to-save account.
HMRC have published a consultation ‘Large Business compliance – enhancing our risk assessment approach’.
HMRC has engaged Microsoft's Corporate Vice President Jacky Wright to act as its new Chief Digital and Information officer as part of its Making Tax Digital transformation.
HMRC have, for the first time, released official statistics on the number of non-UK domiciled individuals in the UK and their incomes. It seems that officially, at least there are not very many.
In HMRC v M & E McQuillan [2017] UKUT 0344 (TCC) the Upper Tribunal (UT) held that shares with no entitlement to dividends were Ordinary Shares for the purposes of the Entrepreneurs’ Relief legislation. This meant the taxpayers held under 5% of the company so relief was not available.
In Oco Ltd and Another v HMRC [2017] UK FTT payments from an EBT into sub trusts were found to be earnings under the Ramsay principle; there was no possibility that the loans from the sub trusts to employees would ever be repaid.
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.