In Matharu Delivery Service Ltd TC7347 and Bhapinder Matharu TC7324 a company and its director, failed to show why it was unreasonable of HMRC to demand a detailed directors’ loan account schedule and copies of his private bank statements.
SME Tax News
In Jacqueline Potter and Neil Potter v HMRC [2019] TC7348 the First Tier tribunal allowed a claim for Entrepreneurs relief where the business had not raised an invoice for 5 years; its activities were directed at reviving the trade so its non-trading activities were not 'substantial'.
In Urenco Chemplants Ltd and Urenco UK Limited v HMRC [2019] TC7318 expenditure on the cost of constructing a tails management facility at a nuclear site was found to be structural and did not qualify for plant and machinery capital allowances.
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In this time's web-update we look at the latest statistics on Making VAT Digital, we review HMRC's Brexit guide, and also take a close look at HMRC's powers to obtain information.
According to HMRC's latest statistics on Making Tax Digital for VAT less than half of all VAT registered business have so far signed up for Making Tax Digital for VAT. At least a third (and maybe many more) of those who are supposed to be in the new system have not signed up or signed up and failed to file.
HMRC have issued a Brexit Special version of their regular Agent Update. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Roulette V2 Charters LLP v HMRC [2019] TC07331 the First Tier tribunal refused sideways loss relief for a yacht charter business: the possibility that the business would make a profit was remote and initial profit expectations were wildly wrong.
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We are taking a closer look at some recent tribunal decisions affecting companies and their owners this week. We also have yet more updates on the Loan Charge and more VAT announcements.
- Planned downtime: Making Tax Digital for VAT
- Detailed information notice was valid: HMRC needed to know business model
- Information Notices: Request for any exchanges of correspondence too broad
- Third party information notice valid for Non-Residents too
- FTT limits HMRC's examination of director's personal spending
- Late appeal dismissed: company must address own tax affairs