The UK's past practice of offering sweetheart tax deals to multinationals may have amounted to illegal state aid.
SME Tax News
Good morning,
This time we have quite a few "quick news" items for you to speed read. Our featured "Essential reading" includes several items on penalties and following the introduction in the 2014 Finance Act which outlines the requirement to file an online annual return for shares, options and securities there is also a new tough penalty regime for late filing to embrace.
HMRC have recently announced the end of paper EMI1 notifications.
The Government has launched a consultation into the effectiveness of tax-advantaged venture capital schemes. This also explores the possibility of extending investment limits for EIS and VCTs on par with the European Commission’s guidelines on State aid.
In Laithwaite v HMRC [2014] UKFTT 0759 (TC), the First Tier Tribunal (FTT) allowed an appeal against CIS penalties for submission of incorrect returns on the basis that the taxpayer had relied on the advice of his accountant.
Une bonne idée? The Association of Taxation Technicians (ATT) is proposing that the UK adopts the same method as the French in order to cope with VAT on prompt payment discounts, so removing the need to issue separate credit notes.
HMRC has at last updated its guidance on company purchase of own shares and also provided a checklist for tax clearance.
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.