The House of Common's Treasury Committee has written to 21 public sector organisations asking them to send details of any contracts awarded by their organisation to Fujitsu since 2019. The organisations include HMRC, the Bank of England and the Financial Conduct Authority.
Agent Update: January 2024
HMRC have issued their Agent Update for January 2024. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Nichola's SME Tax W-update 18 January 2024
Hello
‘Online markets’ are in the news again. This time, HMRC has a new campaign afoot which aims to catch online traders who are operating via serviced offices in the UK to appear to be UK resident for tax.
A cautionary tale of credit cards & loan relationships
In Mr James Keighley (1) Primeur Limited v HMRC [2024] TC9023, the First Tier Tribunal (FTT) found that a director’s personal use of his company’s credit card resulted in six years worth of tax assessments and penalties. Worse still, a write-off of an intercompany loan was ruled to have a disallowable purpose.
No Entrepreneurs’ Relief on trust share disposal
In The Trustees of the Peter Buckley Settlement v HMRC [2024] TC09022, the First Tier Tribunal (FTT) found that Capital Gains Tax (CGT) Entrepreneurs’ Relief was not available on a trust’s share disposal. The company was not the qualifying beneficiary’s 'personal company' for the required period.
Walkers ‘Sensations Poppadoms’ were standard rated for VAT
In Walkers Snack Foods Limited v HMRC [2024] TC09024, the First Tier Tribunal (FTT) found that Walkers ‘Sensations Poppadoms’ are standard rated for VAT. They are made from potato and potato starch, and were similar to potato crisps.
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