SME Tax News

In Holy Cow! Ice Cream Company Ltd v HMRC [2019] TC7400 the FTT denied a loss making business' appeal to backdate entry into the VAT Flat Rate Scheme (FRS). Although survivial of the business was an issue, VAT returns had already been filed and the directors were propping up the company personally.

Goods imported from outside the EU are subject to duty based on trade tariffs. In Bemis Limited v HMRC [2019] TC7332 the FTT considered whether a loo seat made mainly out of wood-flour should be classified as wood or plastic.

In Trustees of the Panayi A&M Trusts Nos 1-4 v HMRC [2019] TC7406 the First Tier Tribunal interpreted UK law to conform with EU law and allowed Capital Gains Tax exit charges on the migration of a trust to be paid over a five year period.

Missed our SME Tax Web-updates in October? Here is a summary of the month.

In Christa Ackroyd Media v HMRC UKUT0326 the Upper Tribunal dismissed a TV presenters appeal against IR35 applying to her personal service company; the BBC did exercise sufficient control over her work for an employment relationship to exist.

HM Treasury has launched an 'Investing in Women' code to promote female entrepreneurship among organisations that offer finance. The code follows the launch of a 'Women In Finance Charter', already supported by over 330 firms.