HMRC have recently announced the end of paper EMI1 notifications.
SME Tax News
The Government has launched a consultation into the effectiveness of tax-advantaged venture capital schemes. This also explores the possibility of extending investment limits for EIS and VCTs on par with the European Commission’s guidelines on State aid.
In Laithwaite v HMRC [2014] UKFTT 0759 (TC), the First Tier Tribunal (FTT) allowed an appeal against CIS penalties for submission of incorrect returns on the basis that the taxpayer had relied on the advice of his accountant.
Une bonne idée? The Association of Taxation Technicians (ATT) is proposing that the UK adopts the same method as the French in order to cope with VAT on prompt payment discounts, so removing the need to issue separate credit notes.
HMRC has at last updated its guidance on company purchase of own shares and also provided a checklist for tax clearance.
HMRC has announced that it is ending its Employee Benefit Trust (EBT) Settlement Opportunity (EBTSO) on 31 March 2015, with a final agreement date of 31 July 2015.
Following the successful of the "No" campaign, Scotland remains part of the United Kingdom. The government has already promised new devolved powers to enhance the Scottish Parliament and significantly these include extensive powers over taxation. Will Scotland now become a tax haven?
Great news for small employers (up to 49 employees): you will not be charged late filing penalties under PAYE Real Time Information (RTI) reporting until 5 March 2015. This change follows a recent relaxation for micro employers (1 to 9) employees which delays penalties for them until 5 April 2016.
According to HMRC, "A very small number of employers have incorrectly been sent an interim penalty warning letter when they have, in fact, submitted their P11D(b) for tax year 2013 to 14. Most of the letters that have been issued inappropriately relate to employers who have changed their trading name recently. If you or your client has received a warning letter and you have successfully filed your P11D(b), you do not need to take any further action."
Current Consultations from HMRC and HM Treasury and measures heading for the 2015 Finance Bill.