In Shamir Pravin Budhdeo, Amarjit Singh Hundal & Joshy Mathew v HMRC [2020] TC7679, the First Tier Tribunal (FTT) denied appeals by directors against regulation 72 assessments for unpaid PAYE. The amounts were earnings, the directors knew the company could not pay the PAYE and NICs and the failure to deduct was wilful.
SME Tax News
The Public Accounts Committee (PAC) has recently opened an inquiry into the UK's management of ‘tax expenditures’ and tax reliefs provided for certain activities or goods, an area it has kept under review for the last ten years.
In Hugh McMahon v Grant Thornton UK LLP [2012] CSOH 50, a firm of chartered accountants were not found to be negligent in failing to recommend some Entrepreneurs’ Relief planning in the event of a share sale. Such ad hoc advice was not listed within the scope of their personal tax compliance services and had not been requested by the client.
The leading professional bodies have all recently published agreed a series of Question & Answers (Q & A) which explain a member's duties in respect of Professional Conduct in Relation to Taxation (PCRT). This is when they provide any service that contributes directly or indirectly to the preparation, submission, agreement of and advice on any or all aspects of a company’s Research & Development (R&D) claim.
The government has extended the closing date to its second consultation, 'Preventing abuse of the R&D tax reliefs for SMEs'. The closing date is now 28 August 2020.
Hello,
This week we feature some really useful and practical guides and of course, all the latest news on government support during these difficult times. Welcome to all our new subscribers; May was a record month in terms of visitors.
HMRC have issued the Agent Update for June/July 2020. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Peter Marano v HMRC [2020] TC7685, a US citizen who delayed reporting £20 million in capital gains was unsuccessful in persuading the First Tier Tribunal (FTT) that HMRC's knowledge of his inaction rendered its subsequent discovery assessment as 'stale'. Late filing penalties were also upheld as he had a history of poor compliance.
In Qubic Tax and others v HMRC [2020] TC7701, HMRC successfully made information requests on tax advisers selling and engaging in tax avoidance schemes in order to check on commission payments made to introducers and the validity of the tax schemes.
In Michael Hamilton Bowack and Ann Jennifer Bowack v Claire Vera Saxton [2020] EWHC(Ch) 1049, the High Court found that discretionary trusts were validly set up despite serious defects in the documentation.