SME Tax News

In Lady Lloyd-Webber and Lord Lloyd-Webber v HMRC [2019] TC7488, the First Tier Tribunal allowed relief for payments on a failed off-plan villa purchase. There was a disposal of contractual rights and the capital losses were allowable.

The Financial Reporting Council (FRC) has issued a major revision of audit and ethical rules in its new Revised Ethical Standards 2019 with the aim of strengthening auditor independence and to prevent conflicts of interest.

We are celebrating this festive time of year with a Christmas Selection Box of different tax reliefs and exemptions. As it is the time for giving and sharing, we hope that our "Box" will save you pounds rather than adding them!

In Golamreza Qolaminejite aka Anthony Cooper v HMRC [2019] TC4277, “Cooper” a business tax investigation covered the years 2007 to 2010. The First Tier Tribunal's (FTT's) partially allowed an appeal against discovery assessments after considering the burden of proof from two different angles, from the burden of displacing an assessment and that of demonstrating culpability in order to allow a late assesssment.

After the announcement that the loan charge review report is not expected until after the general election, HMRC have issued more guidance on how taxpayers in the process of reaching a settlement should deal with it in their 2018/19 tax returns.

In Mr Steven Flashman v HMRC [2019] TC7419, the First Tier Tribunal found that a loss on a Loan to a trader was not allowable. There was no evidence that a loan ever existed.

Following the scrapping of this year’s main budget statement due to the general election, the two main parties have both stated their intention to hold the next budget in February 2020.