Hello

We have a new guide to company start-ups, a company update and lots more this time.

In Newmafruit Farms Ltd v HMRC [2019] TC 7254, the First Tier Tribunal (FTT) decided that a farm could not claim back input tax on professional fees relating to a loan. The fees related to an exempt supply of lending money and not to the farming trade.

Recent figures released by HMRC about Inheritance tax in the UK show an increase in the value of estates and a drop in business and charitable relief claims. This resulted in increases in 2018/19 tax receipts to £5.4billion.

If EU Member States give certain multinational companies tax advantages not available to rivals in other countries, it is seen as harming fair competition in the EU. The state aid rules aim to prevent this whilst allowing Member States to retain exclusive competence in determining their own tax laws.

Hello

In this week's web-update we hope we can take your minds off the events of such a horrible week in the UK. In tax there are often 'known unknowns'. Most taxpayers probably don't realise this until they enter into a dispute with HMRC. We feature quite a topical collection of these taxing things this week.