SME Tax News

In UBI Ltd v HMRC [2018] TC06771, the FTT agreed that a company with a poor compliance record was reasonably required to provide HMRC with security for PAYE liabilities. It failed to keep to a time to pay agreement. 

HMRC have released more facts and figures about those taxpayers who will be affected by the Disguised Remuneration loan charge, including a pictorial factsheet which makes interesting reading.

The Department for Business, Energy and Industrial Strategy (BEIS) has launched a National Minimum Wage: consultation on salaried workers and salary sacrifice schemes. 

In Munro Sawmills Limited v HMRC [2018] TC 6645, the tribunal held that a company had reasonable excuse in its belief that it had filed its P11D(b) return on time.

In Ernold Ltd v Revenue Scotland [2018] FTSTC insufficiency of funds was held not be a reasonable excuse for a failure to file a Scottish land and buildings transaction tax return. 

If you have received a dividend during a company liquidation since 6 April 2016 it is vital to check the TAAR conditions before you submit your tax return to HMRC. The Targeted Anti-Avoidance Rule (TAAR) applies to certain distributions on winding up. If the TAAR applies, dividends received on the liquidation of your company do not automatically attract CGT treatment, instead they are taxed as normal income dividends.