HMRC have decided to remove the requirement for employers to answer the end of year checklist that accompanied form P35 following the introduction of RTI filing.
SME Tax News
In Michael Hunt v HMRC TC04183 the First Tier Tax Tribunal (FTT) considered what is meant by the term “fit and proper person” for the purposes of registration under the Money Laundering Regulations 2007.
In Trevor Hartland v HMRC [2014] TC04187 the First Tier Tribunal (FTT) considered a sequence of private property disposals in order to determine which, if any, were trading activities and which qualified for CGT private residence relief.
In Ian Branagan v HMRC TC04188 the First Tier Tax tribunal (FTT) denied income tax share loss relief in respect of a negligible value claim: the company was not a qualifying trading company at the relevant time. In dismissing the taxpayer's appeal the FTT had to determine what was meant by "relevant time".
HMRC is encouraging taxpayers to tweet their tax inquiries because its telephone services cannot cope with calls. According to the press the move has been ridiculed by some MPs and their are significant issues in respect of taxpayer confidentiality which have not been addressed.
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Next year’s Budget will take place on Wednesday 18 March 2015. See Autumn Statement highlights for a list of key proposals to be included in the 2015 Finance Act.
Entrepreneurs' Relief: a review of the changes made by Finance (No.2) Act to rules on incorporation, anti-avoidance measures and alternatives.
The department of Business Innovation and Skills (BIS) has commenced a new consultation on the use of corporate directors by UK companies and is also considering how its review of the use of corporate members of LLPs should progress.
In HMRC v Donaldson [2014] UKUT 0536 (TCC), the Upper Tax tribunal (UT) confirmed that HMRC had correctly imposed daily late filing penalties under para 4(1)(c) schedule 55 FA 2009. The case has been appealed by the taxpayer.