In Sarah Thomas v HMRC [2026] TC09861, the First Tier Tribunal (FTT) found that a debt assignment from a company to a shareholder was taxable as an income distribution to the extent that it exceeded the shareholder's loan account. A lack of documentary evidence for the loan account and an obstructive approach did not help the taxpayer.
Hello,
Close company directors within Self Assessment have additional reporting obligations in their 2025-26 tax returns. We have expanded our commentary on the new requirements in our 'Self Assessment Return 2025/26: What's new?' guide this week, including how percentage shareholdings should be calculated. Do take a look, as the rules might not be as expected.
Some taxpayers may have noticed changes to their digital tax coding notice when they log in to their accounts. HMRC began trialling the changes from mid-March and it will continue into June.
HMRC have updated their Tax Agent Handbook in anticipation of the introduction of Multi-Factor Authentication (MFA) when logging into Agent Accounts.
HMRC have released new guidance on what happens if an unregistered or suspended tax adviser interacts with HMRC. Further guidance has also been released on what advisers can do if they disagree with HMRC's decision about their registration.
In HMRC v MR Currell Limited [2026] EWCA Civ 445, the Court of Appeal (CoA) agreed with an Upper Tribunal (UT) decision which ruled that a loan to an Employee Benefit Trust was not taxable as earnings.
In Gerrit Wals v HMRC [2026] TC09855, the First Tier Tribunal (FTT) found that late filing penalties could not apply to voluntary Self Assessment tax returns, for which HMRC had not issued a notice to file.
Hello,
It has been another busy week, with cases and updates spanning VAT, Inheritance Tax (IHT), travel and subsistence expenses, the use of multiple agents by taxpayers and HMRC’s latest Spotlight on property business arrangements involving hybrid partnerships and indemnities.
In Mr Nwaneri v HMRC [2026] TC09844, the First Tier Tribunal (FTT) found that Mr Nwaneri was not entitled to deduct travel and subsistence expenses claimed in his Self Assessment returns and that inaccuracies in those returns were deliberate, such that HMRC's amendments and penalty assessments were upheld.
In Jonathan Wood v HMRC [2026] TC09849, the First Tier Tribunal (FTT) found that payments made to various Brexit leave campaigns were intended to confer a gratuitous benefit and were therefore 'transfers of value' for Inheritance Tax (IHT) purposes.
