HMRC accepts that most owners of SMEs want to get their tax right and that the tone of HMRC’s communications with SMEs ‘needs to reflect this better’, the department said in a Budget day note setting out proposed changes to the tax legislation for smaller businesses and how HMRC intends to delive
Proposed amendments to CAA 2001 will ensure that rules for calculating the lessee’s disposal value at the end of a long funding lease ‘operate as intended so that the relief available by way of capital allowances does not exceed the net expenditure of the lessee not otherwise relieved’.
Finance Bill 2012 will amend ITTOIA 2005 s 168 to deny an income tax or corporation tax deduction being given where a payment ‘arises from avoidance arrangements’.
The Business Premises Renovation Allowances (Amendment) Regulations, SI 2012/868, extend BPRA to 31 March 2017 for corporation tax purposes and 5 April 2017 for income tax purposes, as announced at Budget 2011.
The Social Security (Contributions) (Re-rating) Consequential Amendment Regulations, SI 2012/867, make a consequential amendment to the special rate of Class 2 NICs payable by share fishermen from 6 April 2012.
'British businesses could save billions of pounds if they claimed full tax relief on the commercial properties they own, according to City experts.
HMRC is offering online traders who have not paid their
The Social Security (Contributions) (Amendment) Regulations, SI 2012/573, amend the principal NIC regulations for earners who hold two or more employments, to reflect recent changes to NIC rates.
Richard Carson reviews the new draft anti-avoidance regime for plant and machinery allowances and discovers that taxpayer concerns expressed during consultation are not entirely allayed.