A loan made to a taxpayer by his pension scheme produced an unexpected unauthorised payment charge together with an unauthorised payment surcharge as the pension scheme member had received a benefit before his normal retirement age.
SME Tax News
Missed our SME Tax Web-updates in April? Here is a summary of the month.
On 29 April 2024, HMRC introduced a new digital service, enabling taxpayers to conveniently check their State Pension forecast and make voluntary contributions to address gaps in their National Insurance (NI) record.
HMRC have cautioned that Form 484 has been used to fraudulently access VAT repayments.
The First Tier Tribunal (FTT) has heard details of a VAT and NICs tax appeal test case featuring 'Mini-Umbrella Companies (MUCs)' run by Filipino directors. The scheme, created by UK advisers, after taking the opinion of a KC, was promoted on Facebook and facilitated the making of fraudulent claims for agency workers after setting up VAT and PAYE records and taking advantage of HMRC's systems.
Hello,
We have our enhanced version of HMRC's Agent Update for you this time and several topical case decisions and news, including three cases on claims about share disposals, two on employment taxes and one on selling off a garden to a developer.
Attempts to make Coronavirus Job Retention Scheme (CJRS) claims using calculations for fixed-rate employees were rejected by the First Tier Tribunal (FTT). The employees did not meet the definition of a fixed-rate employee.
HMRC appealed a decision by the First Tier Tribunal (FTT) relating to a tax avoidance scheme. They won on two of three grounds with the result being that the loans made are taxable as earnings but not deductible for Corporation Tax.