In Holy Cow! Ice Cream Company Ltd v HMRC [2019] TC7400 the FTT denied a loss making business' appeal to backdate entry into the VAT Flat Rate Scheme (FRS). Although survivial of the business was an issue, VAT returns had already been filed and the directors were propping up the company personally.
SME Tax News
Goods imported from outside the EU are subject to duty based on trade tariffs. In Bemis Limited v HMRC [2019] TC7332 the FTT considered whether a loo seat made mainly out of wood-flour should be classified as wood or plastic.
In Trustees of the Panayi A&M Trusts Nos 1-4 v HMRC [2019] TC7406 the First Tier Tribunal interpreted UK law to conform with EU law and allowed Capital Gains Tax exit charges on the migration of a trust to be paid over a five year period.
In Christa Ackroyd Media v HMRC UKUT0326 the Upper Tribunal dismissed a TV presenters appeal against IR35 applying to her personal service company; the BBC did exercise sufficient control over her work for an employment relationship to exist.
HM Treasury has launched an 'Investing in Women' code to promote female entrepreneurship among organisations that offer finance. The code follows the launch of a 'Women In Finance Charter', already supported by over 330 firms.
In Michael John Hunt v HMRC [2019] TC7311, the FTT allowed a claim for loss relief on a £4.9m loan guarantee when a company failed. HMRC had denied relief on the basis that the company was merely in business and was not trading.
At the end of this month chancellor Sajid Javid cancelled the 2019 Budget which was due to be held on 6 November. Then parliament agreed to early General Election.
Hello
We have quite a lot to say this week. HMRC's latest Agent Update is horribly long but it duplicates much in the earlier Employer Update. We have weeded out the highlights for you.
HMRC have issued the Agent Update for October/November 2019. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Harold Wiesenfeld and Alex Strom v HMRC [2019] UKUT 0301 the UT upheld penalties for carelessness. The taxpayers failed to provide timely evidence as to the nature of their business venture in Poland and the tribunal ruled that verbal evidence amounted to hearsay.