SME Tax News

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We are taking a closer look at some recent tribunal decisions affecting companies and their owners this week. We also have yet more updates on the Loan Charge and more VAT announcements.

HMRC is doing some work on its Making Tax Digital for VAT systems during office hours over the next few days. Check out the dates to avoid.

In Perfectos Printing Inks Ltd, Perfectos Printing Inks Group Ltd & Dr John Price v HMRC  [2019] TC7203 The FTT decided that an extended check of a director’s personal bank statements was not reasonably required for the purposes of checking his own tax liability or that of his company.

In PJD AV Services Ltd v HMRC [2019] TC7336 the First Tier Tribunal refused to allow a late appeal against a corporation tax late filing penalty; it was up to the company, not it's agent to ensure its tax affairs were up to date.

In B Humphreys Building Construction Ltd v HMRC [2019] TC7289 the First Tier Tribunal dismissed an appeal against corporation tax return late filing penalties; reliance on an adviser and software issues were not a reasonable excuse for a third successive late return.

Following the recent undertaking by the Prime Minister for an independent review of the loan charge, the Chancellor has now commissioned Sir Amyas Morse to complete the review in advance of the 2018/19 tax return deadline.