SME Tax News

As part of its program in Making Tax Digital (MTD), HMRC has published ‘Making Tax Digital: Tax administration’,  this consultation proposes changes to tax administration, i.e. HMRC's powers and penalties, required in Finance Bill 2017 to deliver MTD. 

HMRC have launched a consultation Stamp duty land tax: changes to the filing and payment process.  This includes a reduction in the filing and payment window from 30 days to 14 days from 2017-18 onwards.

HMRC have launched a ‘Consultation on salary sacrifice for the provision of benefits in kind’.  This proposes to limit the tax and NIC advantages for certain benefits in kind (BIKs) provided under salary sacrifice and similar arrangements.

HMRC have launched a consultation Alignment of dates for ‘making good’ on benefits-in-kind.  This proposes a simpler set of deadlines for employees to make good the cost of benefits in kind (BIKs).

HMRC have launched a consultation Simplifying the PAYE Settlement Agreement (PSA) process which sets our several proposals to simplify agreeing and reporting items in a PSA.

HMRC have released a discussion document Lease Accounting Changes: Tax Response ahead of the upcoming changes to lease accounting . 

The Government has launched a consultation, 'Partnership taxation: proposals to clarify tax treatment'. It's object is to remove uncertainty by making the calculation and reporting of partnership profits clearer for taxpayers.

HMRC have issued their Agent Update for August 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered.

In Simon Miesegaes v HMRC [2016] TC 05129 the First Tier Tribunal (FTT) found that disclosure in a trust tax return wasn't sufficient to prevent a discovery assessment for the life tenant.