In Douglas Atherley v HMRC [2018] TC06610 the First Tier Tribunal (FTT) found that the write off of a loan to a trading company did result in an allowable capital loss; the facts proved the loan was irrecoverable despite the taxpayer’s unrealistic hope that the remaining balance would be repaid.
SME Tax News
In Gerrard Gordon, Gary Connell, Nicola Martino and Ian Hills v HMRC [2018] TC06537 the FTT found that HMRC was too late to raise a discovery assessment for an unauthorised payment charge. Despite knowing that the taxpayers had used the discredited Wenns non-qualifying overseas pension scheme it delayed assessment for several years and the discovery became 'stale'.
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This time, I recommend you have a speed read of the items in our 'Being Digital' section. Even if you don't like a conspiracy you will shudder at some of the findings in the Common's Culture, Media and Sports committee. MPs also recommend further education on the 'dark ways' of social media, and so I have created a FAQs on what happens to your data.
The independent Office of Tax Simplification (OTS) have published a paper 'Platforms, the Platform economy and Tax Simplification' this considers the case for a new tax deduction system for workers who provide their services via online platforms. A key suggestion being, that platforms could deduct tax at source.
The Low Incomes Tax Reform Group (LITRG) is urging people to contact HMRC if they have missed the 31 July 2018 tax credits renewals deadline. The sooner you contact HMRC then the sooner they can get their tax credit payments re-started, If you are lucky, you might catch HMRC in time to renew before your payments are stopped.
In C J Wildbirds Food Ltd v HMRC [2018] TC06556 the First Tier tribunal agreed that a loan which could not be repaid and was written off by the lender was a loan relationship and a deduction was allowed for the impairment debit.
Doing Social Media? What's Fake News? Should I still do surveys? What happens if I like your post? What happens if I share your post? Is my news feed real? FAQs answered on data mining, social media and generally being savvy about what you do on the net.
In Tager & Anor v HMRC [2018] EWCA Civ 1727 the Court of Appeal reduced tax-related penalties imposed by the Upper Tribunal for failure to provide information from £1,075,210 to £220,000.
- Draft 'Registration of Overseas Entities' bill released for consultation
- Decline in number of non-UK domiciled taxpayers
- Social Media: Disinformation and Fake News
- Nichola's SME tax W-update 27 July 2018
- Making Taxes Digital research findings
- Farmer's son's house does not qualify for roll-over relief