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SME Tax News
During Prime Minister's questions, prime minister Boris Johnson told MPs that he had 'undertaken to have a thoroughgoing review' of the Disguised Remuneration loan charge. The timing of any review hangs in the balance: it depends on the various outcomes of parliament's activities over the next few months and the PM's plans to call a general election.
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In this week's web-update: news on Making Tax Digital for Income tax as well as VAT, useful cases and much more.
In The Quentin Skinner 2005 Settlements v HMRC [2019] TC7312 the FTT approved an Entrepreneurs relief claim on a sale of shares by a trust: the 1 year period did not have to be met by a qualifying beneficiary if they already met the personal company conditions for shares held personally.
In Paul Nowak v HMRC [2019] TC7307 an engineer's claim for travel expense was disallowed: he worked on different contracts not a single contract covering multiple different workplaces. A discovery assessment was allowed on the basis that his accountant had acted carelessly.
In Andreas Rialas v HMRC [2019] TC07316 the FTT found the Transfer of Assets abroad rules did not apply to dividend income: Mr Rialas was not the transferor of shares acquired by his offshore family trust from his former business partner.
The Office of Tax Simplification is asking self employed taxpayers and residential landlords to complete two online surveys as part of its current project on simplifying tax reporting and payment arrangements for these taxpayers.