A taxpayer who mistakenly believed that no Capital Gains Tax (CGT) would arise when transferring properties to a company owned by his wife was unable to unwind the transaction for CGT purposes. His CGT liability remained.
SME Tax News
All change! On 20 February HMRC has made a U-turn on this policy change: We consider the new rules
From 1 July 2024, HMRC is going to reclassify double cab pick-ups as ‘cars’ for employment benefit and capital allowance purposes. Pick-ups acquired or ordered before 1 July will benefit from a transition period.
HMRC has been forced to abandon a new policy proposal that would have seen van owners having to reassess and potentially reclassify double cab pick-up vehicles as ‘cars’ for employment benefit and capital allowance purposes.
Amid mixed calls to delay the introduction of new Research & Development (R&D) rules, HMRC have published draft guidance on new rules for Contractors and Externally Provided Workers (EPWs).
Hello,
HMRC's latest campaign aims to identify undeclared dividend income. As you all know, most small companies' accounts do not show the amount of dividends that have been paid to their owners. HMRC can calculate the level of distributions made by making a comparison of a company's reserves from one year to the next from its accounts submitted for Corporation Tax.
Nice try! A house buyer failed in a claim that he had purchased two dwellings for SDLT. The tax tribunal was not convinced that 'rooms over a garage' had sufficient refinements to be either suitable for use as a dwelling nor were they in the process of being adapted for such use.
A former soldier persuaded the First Tier Tribunal (FTT) to restrict the scope of HMRC's assessment for a High-Income Child Benefit Charge (HICBC). He claimed that he was unaware of the charge due to being absent from the country on military operations. HMRC's discovery was permitted due to a retrospective change in the tax law and the taxpayer missed the cut-off by a matter of days.
Some news outlets seem to think that there is a new form of 'taxi-tax'. There is no new tax but a dispute about VAT. We take a closer look at the issues.