In Oco Ltd and Another v HMRC [2017] UK FTT payments from an EBT into sub trusts were found to be earnings under the Ramsay principle; there was no possibility that the loans from the sub trusts to employees would ever be repaid.
SME Tax News
In HMRC v M & E McQuillan [2017] UKUT 0344 (TCC) the Upper Tribunal (UT) held that shares with no entitlement to dividends were Ordinary Shares for the purposes of the Entrepreneurs’ Relief legislation. This meant the taxpayers held under 5% of the company so relief was not available.
The CCAB has published its new draft money laundering guidance for auditors, accountants and tax advisors.
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This time we feature our latest SME Company topical update. With a quite staggering number of changes in both tax and accounting, this is essential CPD for anyone advising or running a company.
The Chancellor has published a letter which asks the Office of Tax Simplification (OTS) to conduct a further review of the proposal to use depreciation instead of capital allowances for tax.
In BPP Holdings & Ors v HMRC [2017] UKSC 55, the Supreme Court (SC) dismissed HMRC’s appeal and agreed that they were not entitled to take part in the case proceedings due to a failure to provide information by the agreed due date.
In Charles O’Rorke v HMRC [2017] TC6008, the First Tier Tribunal (FTT) upheld an assessment that a director was negligent so personally liable for the company’s NIC bill.