In Richard Murray v HMRC TC 03474, the First Tier Tribunal disallowed a sideways claim for trade loss relief against general income. The trade was not run on a commercial basis.
SME Tax News
In Neil McLocklin v HMRC (TC 03182), the First-tier Tax Tribunal (FTT) allowed a claim for share loss relief when shares had become of negligible value even though they were acquired by a nominee under some rather unusual conditions.
In RD Utilities v HMRC [2014] TC03440 a request for a Schedule 36 information notice was set aside by the tribunal because it was so poorly drafted that it was impossible for the parties to know whether it had been complied with.
Just a short update this week. We have a new disclosure opportunity for reporting undeclared self-employment income.There are also updates on fixed rate (employee) allowances and the fixed rate allowance scheme (self-employed), including concessionary treatment for 2013/14 tax returns. We hear that HMRC is closing in on self-employed doctors and medical consultants following the Dr Samadian tax case and we have updated our guidance in respect of travel and "wholly and mainly" to clarify some of the points that you have raised.
HMRC issued new guidance for pensioners who are immediately wishing to take advantage of the new pensions flexibility measures, as announced in the 2014 Budget.
In Brimheath Developments Limited & Michael Victor Burgess v HMRC [2013] TC 03438 the FTT found that the taxpayers had failed to discharge the required burden of proof in connection with discovery assessments to demonstrate that they were unfair and were not based on inferences from the available evidence.
In Susan Corbett v HMRC [2014] TC 03435, a wife, who had apparently resigned from her husband’s business was still treated as an employee for the purposes of Capital Gains Tax (CGT) relief.
In Steven Singh v HMRC [2014] TC 03436, the FTT considered whether Mr Singh had a reasonable excuse for failing to provide information under an Information Notice and upheld certain penalties for his failure to do so.