A community amateur sports club (CASC) is not a person under tax law, so it cannot be charged a tax penalty under section 98A TMA 1970.
SME Tax News
In Tim Healy v HMRC [2015] TC04425 an actor was unsuccessful in claiming tax relief for renting a flat when working away from home. His admission that he wanted a spare room to accommodate potential guests meant that the expense was not "wholly and exclusively incurred" for the purpose of his business.
In Brian Foulser and Mrs Doreen Foulser v HMRC [2015] TC 04413 both parties share valuation experts failed to reach any agreement as to the market value of an unlisted company.
HMRC says that it will not challenge a self assessment late filing penalty in cases where the taxpayer has a reasonable excuse for not filing their tax return on time and has made an appeal.
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This time we look at a couple of tax penalty cases where companies have failed to realise that they have a requirement to file returns under the Annual Tax on Enveloped Dwellings (ATED) regime. We also look at directors' entitlement to redundancy pay.
In Secretary for State v Knight UKEAT/0073/13/RN the sole director and shareholder of a company made a successful claim for redundancy pay when her company creased trading.
In the first two penalty appeals concerning the Annual Tax on Enveloped Dwellings (ATED) regime, the FTT finds that ignorance of the law is not a "reasonable excuse" for late filing.
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The chancellor announced at the weekend that there will be a summer budget on 8 July 2015, so there will be more changes in legislation to take in this year. Assuming that the 0% Savings Rate will remain intact following the next budget, this time we take a look at savings income and planning opportunities for company owners.