Missed our SME Tax Web-updates in October? Here is a summary of the month.
SME Tax News
HMRC have released guidance in respect of making repayments of sums received through the Eat Out to Help Out scheme.
HMRC’s latest Employment-Related Securities Bulletins focus on the impact of COVID-19 on employee share and incentive schemes. Here is our enhanced version.
This year we celebrate ‘Halloween’ in our virtual world, which has the advantages of being both COVID-19 and plastic free. We do have quite a number of tricks and treats for you. Which is trick and which is treat? You decide.
The Insolvency Service has announced that new laws will require mandatory independent scrutiny of pre-pack administration sales where connected parties are involved in the purchase.
In Leslie and Catherine Phillips v HMRC [2020] TC7859, the First Tier Tribunal (FTT) allowed a claim for Private Residence Relief for a house with a larger garden than the area set within the tax rules. Evidence showed that people in the country like bigger gardens and some neighbouring properties also had large gardens too.
In Darren Wilkinson v HMRC [2020] TC7861 the First Tier Tax Tribunal (FTT) considered the tax treatment of compensation paid by Barclays Bank PLC as a result of the mis-selling of interest rate swaps.
In Robert John Osborne v HMRC [2020] TC7851, the First Tier Tax Tribunal (FTT) allowed a self-employed diver's claim tax relief for the cost of extreme fitness training. It was 'wholly and exclusively incurred,' such training is dictated by his occupation as a matter of physical necessity.
HMRC have issued the Agent Update for October/November 2020. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Mark Dunsby v HMRC [2020] TC7755, a tax scheme designed to transfer tax-free cash out of an owner-managed company fell foul of both the settlements and transfer of assets abroad rules.