SME Tax News

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It's nearly over, that's the Self Assessment 'season', if only we could say the same about Brexxxk. We're reporting some fascinating stuff this week. Read on.

In Petrol Service Limited v HMRC [2018] TC06907 the FTT found that 'self employed' consultancy fees paid to the company’s directors were taxable employment income in respect of their directorships.

In Michael John Febrey v HMRC [2018] TC6897 a director was lucky to avoid a reg 72 determination making him personally liable for unpaid PAYE. The FTT found that accounting entries for a salary paid before a company went into liquidation were not actual paid earnings.

The Office of Tax Simplification (OTS) have published “Tecnhology Review: a vision for tax simplicity”, to consider how to use technology to achieve a simpler and better “user experience” without taking away taxpayer understanding and responsibility for their tax affairs.

HMRC have announced the opening of a new Profit Diversion Compliance facility to allow large international groups using arrangements targeted by Diverted Profits Tax (DPT) to bring their UK tax affairs up to date.

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This time: new facts and figures on the loan charge. Fluctuating income is no excuse for being late in paying your Self Assessment bill and check out our new TAAR tool.