Chancellor George Osborne has announced that he will be holding a second Budget of 2015 on 8 July. He says that this will be a budget for "working people".
SME Tax News
In John Humphrey Roberton Carver v HMRC [2015] TC004362 a Lloyd’s Name was denied CGT Entrepreneurs’ Relief on a disposal of syndicate capacity after the FTT found that syndicate capacity was an asset of his trade and not a business in its own right.
The end of year Real Time Information (RTI) PAYE submissions should have all been made by 19 April 2015 at latest. Although HMRC does give a three day grace period. What happens if you don't report your payroll information on time? HMRC may well charge a penalty.
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In The Queen (on behalf of Andrew Michael Higgs) v HMRC [2015] UKUT 0092 (TCC) HMRC refused to repay an overpayment of tax following late filing of a tax return, claiming that the four year limit prevented repayment. The Upper Tier Tribunal decided that no time limit applied in the circumstances.
Certain employers have a number of new and continuing obligations in 2015/16:
In Gregory Finn, Averil Finn, Andrew Cornish and Robin Morris v HMRC [2015] TC 04347, a group of Enterprise Investment Scheme (EIS) investors lost their relief when their company was acquired by another company in a reverse takeover.
According to a written statment in Hansard, a number of clauses which had been intended for inclusion in Finance Bill 2015 have been deferred "as a result of discussions with the Opposition in the context of the end-of-Parliament wash up process". They are:
There were two new announcements affecting Entrepreneurs' Relief (ER) in the 2015 Budget, in addition to measures previously proposed in the 2014 Autumn Statement. Subscribers: please click here for your detailed version of this note, with worked examples.