SME Tax News

In HMRC v Nicolette Vivian Pawson (Deceased)  [2013] UKUT 050 (TCC) the Upper Tier Tax Tribunal (UTT) decided that a furnished holiday letting (FHL) business did not qualify for IHT Business Property Relief (BPR). All is not lost for FHL owners, more actively run businesses should still qualify for relief.

In Michael Phair v HMRC TC02752 [2013] the taxpayer's case the first tier tax tribunal was assigned to the complex track. His advisers misunderstood the costs rules and so landing him with HMRC's costs after an unsuccesful appeal.

The first return for the Annual Tax on Enveloped Dwellings (ATED) is due to HMRC today (1 October 2013)

This is just a short web-update. The first thing is to warn you all to check your Professional Indemnity insurance policy wording...

This is a warning about Professional Indemnity insurance for accountants. We advise you to check the small print on your policy. If you are excluded from advising on 'mergers and acquisitions' you will not be able to advise businesses on incorporation, disincorporation as well as share sales, reorganisations, demergers and so on.

Continuing our review of what's new in private company tax we having been looking at the changes made to the Companies Act 2006 in order to accommodate the introduction of the new "employee shareholder" (ES), amongst other things.