SME Tax News

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.

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. 

HMRC have advised that over 4,600 overseas businesses have been issued with joint and several liability notices for not paying the right amount of VAT on online marketplace sales in the past 2 years.


Some good news, this week. During the course of the parliamentary debate on the 2019 Finance Bill, HMRC have made modifications to the proposed changes to the qualifying conditions for Entrepreneurs' Relief. 

In Shareen Booth v HMRC [2018] TC6904 the FTT agreed on a 20% tax penalty for the careless failure to report a capital gain on the disposal of her renovated property. 

HMRC say that where a settlement has not been reached on a disguised remuneration loan scheme by 5 April 2019, they will still give consideration to reaching an agreement under the existing terms.