At Budget 2018 the chancellor announced the introduction of a new Structures and Buildings Allowance (SBA) for the construction costs of non-residential structures and buildings.
SME Tax News
HMRC's latest Employment Related Securities (ERS) Bulletin contains some handy tips. Here is our enhanced version.
The chancellor increased personal tax allowances for individuals and increased the Annual Investment Allowance however he also restricted the scope of several valuable tax reliefs, including Capital Gains tax (CGT) Entrepreneurs' Relief and Private Residence Relief and R & D as well as introducing the off-payroll working rules to medium and large companies in the private sector.
The government has announced plans to resurrect the new probate fee banding structure proposed in 2017.
In Vasco Properties Ltd v HMRC [2018] TC06801 the First Tier tribunal allowed an appeal against RTI late filing penalties; HMRC failed to show that the returns were late.
HMRC have published ‘Corporate Capital Loss Restriction: Consultation on delivery’ looking at proposals to restrict the use of carried forward capital losses for companies.
HMRC have published ‘Review of the corporate Intangible Fixed Assets regime: summary of responses’, which contains detailed proposals for partial reinstatement of relief for goodwill acquisitions.
HMRC have published ‘Tax abuse and insolvency: A discussion document – summary of responses’ confirming that legislation will be introduced to protect against loss of revenue for HMRC in insolvency cases.