HMRC have published a response to their consultation ‘Partnership taxation: proposals to clarify tax treatment’.
SME Tax News
In BCM Cayman LP and various Bluecrest entities v HMRC, taxpayers were only partially successful in forcing HMRC to issue closure notices into long running and complex tax enquiries concerning the tax arrangements of hedgefunds.
In Stuart Gulliver v HMRC [2017] TC05712 an application for closure notice in order to block a sch 36 information notice failed. The fact that HMRC had agreed a taxpayer's change of domicile in the past did not mean that they could not revisit the issue in a later year and ask more questions.
In HMRC v Execs of Mr Jeffrey Leadley [2017] UKUT 0111 the Upper Tribunal (UT) overturned the original decision of the First-Tier Tribunal (FTT) and found that Executors were not entitled to make a negligible value claim.
HMRC have published a call for evidence: ‘Taxation of employee expenses call for evidence’ in respect of the use of income tax relief for employee business expenses, including those not reimbursed by employers.
William G Anderson v Revenue Scotland [2016] TTFT 1 and Classical Land and Property Limited v Revenue Scotland [2016] TTFT 2 are the first two decisions of the First-Tier Tax Tribunal for Scotland: both concerning penalties for late filing of Land and Buildings Transaction Tax (LBTT) returns.
If you are about to become deemed UK domiciled under the new rules, applicable from 6 April 2017, consider carrying out some pre-year end tax planning.
The Low Income Tax Reform Group (LITRG) is urging self-employed workers with very low profits to check their National Insurance record and make up any deficiencies before voluntary contributions become more expensive for them after April 2019.
UPDATED: Don’t file your 2016/17 tax return online: you may overpay your tax. HMRC has made a specification error which is affecting many Self Assessment taxpayers. The error applies to HMRC's own product or third party software.
What tax returns and claims are due before the end of the tax year?