We have a nice short newswire this time with some interesting case decisions for SME advisers.
The Gecko VAT case is a shocker: HMRC pursuing a case where the costs of pursuing the taxpayer greatly outweighed the benefits.
In X-Wind Power the company used the wrong forms, EIS instead of SEIS.
The devil is in the detail.
The tax affairs of big companies are back in the news this week. Amazon is apparently paying less corporation tax than last year, despite a massive increase in its UK turnover, due to the tax benefits of its employee share option scheme. Broadly, the company receives tax relief when the employees take up their options and as the share price increases so the value of the options and the value of the tax relief. Most small trading companies can take advantage of the same benefits under the Enterprise Management Incentive (EMI) scheme, there are exclusions which mean that accountants and lawyers cannot do EMI.
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Enjoy the guides and updates and the news is below.
Nichola Ross Martin FCA Tax Director
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Designing an EMI share option scheme
Start here to be like Amazon
Case Update (freeview)
FTT awards costs to taxpayer
In Gekko & Company Ltd v HMRC  TC06029 the First Tier Tribunal (FTT) heavily criticised HMRC’s handling of the (VAT) case and went so far as to award costs against HMRC.
Court of Appeal finds no legitimate expectation in Mansworth v Jelly loss claim
In R (Hely-Hutchinson) v HMRC  EWCA Civ 1075 the Court of Appeal found in favour of HMRC: the taxpayer did not have a legitimate expectation that his Mansworth v Jelly loss relief claims would be allowed on the basis of incorrect HMRC guidance.
SEIS: File the correct forms!
In X-Wind Power Limited v HMRC  UKUT 0290 (TCC) the Upper Tax Tribunal (UT) considered whether relief under the SEIS was blocked because the company filed an EIS (rather than SEIS) compliance statement in error. It was.
Editor's Choice (subscribers)
Transactions in securities: the new TAAR
UPDATE: three changes were made to the transactions in securities rules in April 2016. They include a new Targeted anti- avoidance rule (TAAR) that is designed to prevent phoenixing rule.
Directors' tax planning toolkit 2017/18
A summary of really useful tax tips and planning for this year.
Practical Tax Guides and Updates (subscribers)
Voluntary Payrolling of Benefits
UPDATE: Important news re Optional remuneration arrangements and the requirement to file 2017/18 P11D returns
Non Domicile Status and Tax
UPDATE: Detailed updates to this guide in respect of trusts following further guidance from HMRC, plus a helpful table comparing old and new rules on domicile
VAT Update May 2017
A really useful summary of the latest developments and cases in VAT with links to useful guides.
Making Tax Digital
MTD: the index
What's hot or not in MTD
Missed last time's update?
- IHT and BPR: self catering cottage partnership
- Disincorporation relief: what now?
- Purchase of own shares: don't meet the trading requirement.
- Redacting documents: read this
- SEIS and EIS guides for investors
- Much, much more
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