In Nilebond Limited v HMRC [2022] TC08676 the First Tier Tribunal (FTT) dismissed an appeal against a pension scheme's unauthorised payment charge in respect of an unauthorised loan made by the scheme to the sponsoring employer. The loan should have been secured when paid and that condition was not met.
SME Tax News
In 2 Green Smile Limited & Dr Ameeka Patel v HMRC [2023] TC08677, the First Tier Tribunal (FTT) held that the date incorporation of dental practice was the date on which its owners had decided that it commenced, the fact that agreements to transfer land and buildings and NHS contracts were legally completed later did not disturb that date.
Following a consultation on raising standards in tax advice and protecting customers claiming tax repayments, HMRC will strengthen their ‘Standard for Agents’ and set new rules for tax refund agents. These are to ensure that their customers do not accidentally sign up to unfair contract terms, which can allow the tax agent to claim a large cut of any tax refund claimed.
Missed our SME Tax Web-updates in December? Here is a summary of the month.
Happy New Year,
We can now reveal the winners of our Christmas Treasure Quest, plus we have details of more filing deadlines, a new Agent Update, more software exclusions for Self Assessment and a facsinating tax case to digest.
In Sharon Clipperton & Steven Lloyd v HMRC UKUT 00351, the Upper Tribunal (UT) agreed that a dividend tax avoidance scheme relying on the automatic application of the Settlement provisions did not work. The individuals, and not their company were the settlors of the arrangement.
HMRC have issued their Agent Update for December 2022. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Hello,
As we head towards the Christmas holiday we have had another exciting week in tax! We have announcements on Making Tax Digital, we use AI with mixed results and the chancellor announces the March Budget date.
Where to find the login pages for HMRC's old and new agent services accounts. These links are to assist tax agents.