The government has confirmed that the Finance Bill that was expected to be passed this month will now be delayed and then introduced as soon as possible after parliament's summer recess.
SME Tax News
The government has announced major changes to its Making Tax Digital for business (MTD) proposals. MTD will initially only apply for VAT. VAT registered businesses are mandated into HMRC's plans for quarterly bookkeeping and reporting from 2019. MTD will not become compulsory for other businesses or taxes until at least 2021.
HMRC have released their latest 'name and shame' list of deliberate tax defaulters. The list details the name of the defaulter, the industry, amount of tax avoided, and penalties charged.
Responses to HMRC Consultation 'Making Tax Digital sanctions for late submission and late payment' have been mixed. Now the main bodies have published their responses to HMRC’s consultation it may be useful to see how their thoughts compare.
In the English Bridge Union v HMRC (Case C-90/16) the EU’s Advocate General has formed an opinion that contract bridge is a sport for VAT purposes.
The government has announced that a new Telecommunications Infrastructure Bill will allow100% business rates relief for operators who install new fibre on their networks and the Bill will incentivise operators to invest in the broadband network.
In Karen Vrange v HMRC [2017] EWHC 1055 a taxpayer who ignored warnings about the Swiss bank levy was unable to claim back the levy paid under the UK/Switzerland cooperation agreement following disclosure of her offshore bank accounts.
The Supreme Court has issued its judgement in RFC 2012 Plc (in liquidation) (formerly The Rangers Football Club Plc) v Advocate General for Scotland [2017] UKSC 45 and has agreed with HMRC that loans made to employees under the club's EBT loan scheme were in fact remuneration and so subject to tax and NIC.
The Pensions Regulator have published a case relating to Johnsons Shoe Company and a £40,000 fine for failing to comply with their auto-enrolment duties.
Inheritance Tax has been called an ‘optional tax’ by some, though latest figures revealed that £5.1bn of IHT was collected in the year ended 31 May 2017.