In Castlelaw (No 628) Limited and Irene Douglas v HMRC [2020] TC7540, the First Tier Tribunal upheld penalties under the Senior Accounting Officer rules for failures to make notifications about a dormant company. An innocent mistake was not a reasonable excuse.
SME Tax News
In X Ltd, Y Ltd, Z Ltd and 17 individuals v HMRC [2020] UKUT 0029 (TCC), the Upper Tribunal (UT) confirmed that it would be fruitless for the tribunal to consider a taxpayer's applications for a closure direction. HMRC was actively investigating and had issued notices to third parties requiring further information. It also confirmed that the First Tier Tribunal (FTT) does have the authority to order an ex parte hearing to heard in public.
Missed our SME Tax Web-updates in January? Here is a summary of the month.
In HMRC v Ardeshir Naghshineh [2020] UKUT0030, the Upper Tribunal (UT) refused sideways relief for farming losses. A competent farmer would have had a reasonable expectation of profits several years before the loss-making periods.
Hello,
As we near the end of ‘Self Assessment, Season 23’ (it all started back in 1996), I am sure that we are all relieved that it's over.
Highlights: Updated HMRC guidance on what is a "dwelling" and higher rates on the replacement of a main residence. A reminder that Welsh properties are subject to LTT, not SDLT. HMRC clarifies how to treat leases for SDLT.
HM Treasury have published the responses to their consultation, “Transposition of the Fifth Money Laundering Directive” and opened a new consultation, “Fifth Money Laundering Directive and Trust Registration Service”.
HMRC have released guidance on the new rules for non-resident companies owning UK property and when they move from income tax to Corporation Tax in April 2020.
- Nichola's SME Tax W-update 23 January 2020
- Latest update: changes to the loan charge
- Nichola's SME tax W-update 16 January 2020
- Discovery valid: agent was careless in advising on tax scheme
- Scottish budget date set for week after Brexit
- Employment intermediary return: penalties charged on wrong person