Here's a summary of the main tax and business measures. This guide will be added to over the next few days as more details emerge.
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Tom is a journalist specialising in business, accounting and technology.
Lest we forget the way this country is headed with regards to taxation, legislation introduced with retrospective effect which appears to do nothing other than increase HMRC's ability to charge penalties:
Interesting to read the release that you would have no idea that the point (re voluntary tax returns being invalid) was one which was first argued by HMRC! See also: https://www.tax.org.uk/media-centre/press-releases/press-release-volunta...
It was interesting to hear that HMRC will now become a preferential creditor when businesses run into difficulties. I worry that it could be an incentive to push businesses that have assets over the brink rather than negotiate time to pay agreements. It could also make credit and loans harder to get.
But only on taxes which they have already deducted from customers, subcontractors, employees, etc. In other words, only on taxes which should never be forming part of their cashflow in the first place.
Fiscal liabilities must be paid. Surely! !!!!
The section on anti avoidance now has extended what is covered to:
"avoidance, evasion, aggressive tax planning and unfair outcomes"
A couple of years ago HMRC, defined avoidance as not what Parliament intended and planning is using tax reliefs for the purpose intended.
So, what is aggressive tax planning and unfair outcomes?
And more importantly who decides if aggressive or unfair?
Unfair outcomes will most certainly be anything HMRC don't like. However as Fiscal Phil has used the word "unfair" then that will apply to all unfair outcomes that many clever dicky Accountants will pounce on. I think what is proposed is no schemes of any sort are allowed. Not such a bad thing as long as they don't say "you don't need a van this year so we are not allowing it until next year" (daft I know but you're dealing with HMRC).
Yet again attacking landlords... this measure (see Rebecca's comment -https://www.accountingweb.co.uk/tax/personal-tax/budget-2018-cgt-blow-fo...
.. and all said in 2 lines of text.
The revised IR35 rules will not apply where the engaging business is ‘small’ but, it is not yet known how the government will define ‘small’.
Small is good after all.