SME Tax News

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This time, we feature some useful new guides to assist you in planning for the end of the tax year as well as making a review of topical cases.

In Rupert Grint v HMRC [2019] UKUT 0028 the Upper Tribunal (UT) confirmed that Harry Potter star Rupert Grint's accounts did not meet the requirements for a change of accounting date for tax; the accounting period was too long.

In Stephen May v HMRC [2018] TC6928 the First Tier Tribunal (FTT) held that a horizontal silo was plant for capital allowance purposes. 

HMRC have released Spotlight 47: Attempts to avoid an Income Tax charge when a company is wound up, warning about tax avoidance schemes that try to avoid an Income Tax charge on distributions when winding up a company.

Following recent discussions with the Treasury sub-committee, HMRC have updated their guidance on the settlement terms being offered for disguised remuneration and contractor loan schemes ahead of the loan charge in April 2019.

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The chancellor has announced date of his Spring Statement. This is an not an additional budget (Budget 2019 is scheduled for the Autumn), we might though expect further announcements on key measures such as Making VAT digital and perhaps hear more on certain outstanding consultations, such as employment status.