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A warm welcome to those of you who are receiving our news update for the first time after meeting us at the Accountex exhibition last week. Special thanks also to all the subscribers who stopped by our stand to introduce themselves. It was great to meet you in the 'real' world and your enthusiasm for what we are doing is genuinely inspiring.
Following criticism from professional bodies and a number of unsuccessful visits to the First Tier Tribunal (FTT) HMRC has issued a revised version of VAT notice 733 Flat Rate Scheme to update their guidance in accordance with the FTT decisions.
In M & E McQuillan v HMRC  TC05074 redeemable non-voting shares carrying no right to a dividend were not counted as ordinary shares for CGT relief on the basis that no right to a dividend amounted to a fixed rate dividend of 0%. This finding is contrary to HMRC's manuals.