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.
SME Tax News
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?
In the case of Evans v HMRC [2014] TC03759, an adviser became liable to an Inheritance Tax (IHT) penalty for failing to submit accounts for IHT purposes.
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.
Partnership agreements are often forgotten especially where the partners are all family members. The case of John Ronald Ham v Ronald William Ham & Lorna Jean Ham [2013] EWCA Civ 1301 highlights the importance of having a well-constructed partnership agreement in place.
The Institute of Chartered Accountants in England and Wales (ICAEW) has become an approved regulator of probate, and is the first non-legal body to be able to regulate probate services and licence Alternative Business Structures (ABS’s) under the terms of the Legal Services Act 2007.
HMRC has been given leave to appeal the decision of the Upper Tier Tax Tribunal that payments made by the club to players via its employee benefit trust (EBT) were loans and not subject to PAYE.
HMRC have announced a number of changes to the LDF to restrict access to the favourable terms to new tax irregularities with significant offshore connection.