Three recent First Tier Tribunal (FTT) decisions consider whether ignorance of the law is a reasonable excuse for failing to notify charges under the High Income Child Benefit charge.
SME Tax News
HM Treasury has opened a consultation, ‘Cryptoasset promotions’ into a government proposal to bring the promotion of certain types of cryptoassets within the scope of financial promotions regulation. The proposal is intended to enhance consumer protection while promoting responsible innovation and views are sought up until 25 October.
HMRC have published their Employer Bulletin for August 2020. We summarise the key content for you, with links to our detailed guidance on the topics covered.
HMRC have updated their policy paper ‘HMRC issue briefing: settling disguised remuneration scheme use and/or paying the loan charge' making it clear that no further changes will be made to the loan charge.
Hello
I thought that this week would be quite quiet from an editorial point of view, but far from it. In this time's web-update, our highlights are our latest Company Tax update, news of the Jobs Retention Bonus, a useful VAT decision from the Upper Tribunal for online agencies and an updated guide to the taxation of cryptocurrences and cryptoassets.
In July 2020 the government published a consultation on 'CO2 emission performance standards for new passenger cars and light commercial vehicles'. This relates to the regulation of CO2 emission performance standards for new cars and vans from 1 January 2021 as part of the withdrawal from the EU.
HMRC have stepped up their investigations into the tax affairs of the football industry, tripling investigations of individual professional footballers and more than doubling its tax takings from investigations in 2019/2020.
The government has published a consultation paper, 'Non-Contentious Probate Mandating online professional applications'. It proposes changing the non-contentious probate rules to make it mandatory for professional users, such as solicitors and other probate practitioners, to use the online process.
In Armstrong & Haire Ltd v HMRC [2020] TC7780, the First Tier Tribunal (FTT) refused a Corporation Tax deduction for goodwill amortisation. The pre-incorporation businesses had been carried on before April 2002.
In David Merchant and Sarah Gater v HMRC [2020] TC07783, the First Tier Tribunal (FTT) dismissed the appeal made by the taxpayers. It was found that the closure notice issued by HMRC was valid and that the annexe was not a separate dwelling for Stamp Duty Land Tax (SDLT) Multiple Dwellings Relief (MDR).