Following consulation HMRC have now published a two year administrative framework, 'Making R&D easier', with a stated aim of making Research and Development (R & D) relief as accessible as possible for all small businesses carrying out R&D investment.
SME Tax News
A new clause has been added to the Finance Bill 2015-16. It allows HMRC to deduct a 45% rate of corporation tax on compound interest which has been awarded to a company in respect of a restitution claim.
In Peter Andrew v HMRC [2015] TC04672 the First Tier Tribunal (FTT) concluded that although a termination payment was made due to redundancy it was still fully taxable as it constituted a contractual payment in lieu of notice.
HMRC have issued their Agent Update for October 2015: we have summarised all of the key content for you here.
In a move described by the Chartered Institute of Taxation (CIOT) as a "victory for common sense" HMRC have announced that they are phasing out business records checks (BRCs).
In James Dutton-Forshaw v HMRC [2015] TC04644 the First Tier Tribunal (FTT) accepted that a property occupied for only seven weeks was a taxpayer's only or main private residence for Capital Gains Tax.
In Mary Walker v HMRC [2015] TC04646 the First Tier Tribunal reduced the penalties for late filing of a P35 on the grounds of reasonable excuse as HMRC had advised the appellant that they would accept the information submitted on paper.
People reaching State Pension age before 5 April 2016 have the chance to top up their state pension by up to £25 per year by making class 3A voluntary contributions before 5 April 2017.
In David Jones V HMRC [2015] TC04643 a self employed consultant anaesthetist with an established private practice at his home was denied tax relief for travel to two of the hospitals at which he visited for work: the number of his visits made his attendance "regular and predictable". Travel to and from home to other hospitals was allowed.
In James H Donald (Darvel) Ltd and others v HMRC [2015] UKUT 0514 (TCC) two schemes to avoid PAYE and NICs using dividends and partnership profits failed.