In PJD AV Services Ltd v HMRC [2019] TC7336 the First Tier Tribunal refused to allow a late appeal against a corporation tax late filing penalty; it was up to the company, not it's agent to ensure its tax affairs were up to date.
SME Tax News
In B Humphreys Building Construction Ltd v HMRC [2019] TC7289 the First Tier Tribunal dismissed an appeal against corporation tax return late filing penalties; reliance on an adviser and software issues were not a reasonable excuse for a third successive late return.
Following the recent undertaking by the Prime Minister for an independent review of the loan charge, the Chancellor has now commissioned Sir Amyas Morse to complete the review in advance of the 2018/19 tax return deadline.
In John Robinson v HMRC [2019] TC07286 the First Tier Tribunal (FTT) dismissed the claim that a payment to an aggrieved shareholder was compensation for personal wrong or injury and held that it was subject to Capital Gains Tax (CGT).
The start-date for the introduction of the Construction Industry Scheme (CIS) VAT Reverse charge has been set back a year to 1 October 2020.
During Prime Minister's questions, prime minister Boris Johnson told MPs that he had 'undertaken to have a thoroughgoing review' of the Disguised Remuneration loan charge. The timing of any review hangs in the balance: it depends on the various outcomes of parliament's activities over the next few months and the PM's plans to call a general election.
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In this week's web-update: news on Making Tax Digital for Income tax as well as VAT, useful cases and much more.
In The Quentin Skinner 2005 Settlements v HMRC [2019] TC7312 the FTT approved an Entrepreneurs relief claim on a sale of shares by a trust: the 1 year period did not have to be met by a qualifying beneficiary if they already met the personal company conditions for shares held personally.