SME Tax News

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On the day that was supposed to be Brexit: we count down on the last chance to plan for old contractor/EBT loans, we look at tax and the family, we consider lots of deadlines, a bit of R & D and there is more news on Making VAT Digital.

HMRC has published details of the digital records it expects business who are mandated into Making Tax Digital for VAT 'MVD' to keep. This new guidance is probably sufficient (on the basics) for tax agents and bookkeepers but may be slightly baffling for un-represented taxpayers.

HMRC has published 'Preventing abuse of the R&D tax relief for SMEs' a new consultation. It considers how the new cap on R & D relief may apply to loss making SMEs.

In Harrison Solway Logistics Ltd v HMRC [2019] TC06956 the First Tier Tribunal allowed appeals against Benefit in Kind charges for company cars where the directors repaid the leasing costs of those cars to the company.

In Kevin Fearon v HMRC [2018] TC6818 the FTT found rejected an appeal against four years of tax assessments and penalties for incorrectly claimed subsistence expenses. The errors were deliberate and 56% penalties applied.

In Adrian Omar v HMRC [2018] TC6962, the first tier tribunal (FTT) held that a taxpayer had not been careless in claiming excessive tax relief for pension contributions.