In Roulette V2 Charters LLP v HMRC [2019] TC07331 the First Tier tribunal refused sideways loss relief for a yacht charter business: the possibility that the business would make a profit was remote and initial profit expectations were wildly wrong.
SME Tax News
According to HMRC's latest statistics on Making Tax Digital for VAT less than half of all VAT registered business have so far signed up for Making Tax Digital for VAT. At least a third (and maybe many more) of those who are supposed to be in the new system have not signed up or signed up and failed to file.
HMRC have issued a Brexit Special version of their regular Agent Update. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Jupiter Online Limited v HMRC[2019] TC7281 the FTT confirmed that HMRC may use an information notice to check how a company operates when checking its tax position.
In Mr and Mrs PQ v HMRC [2019] TC7199 the FTT decided that HMRC was able to issue a third party information notice to non-UK residents.
In Havannah Quay Land Limited v HMRC [2019] TC7177 the FTT varied an information notice issued by HMRC to exclude a broadly drafted request for correspondence.
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We are taking a closer look at some recent tribunal decisions affecting companies and their owners this week. We also have yet more updates on the Loan Charge and more VAT announcements.
In Perfectos Printing Inks Ltd, Perfectos Printing Inks Group Ltd & Dr John Price v HMRC [2019] TC7203 The FTT decided that an extended check of a director’s personal bank statements was not reasonably required for the purposes of checking his own tax liability or that of his company.
In PJD AV Services Ltd v HMRC [2019] TC7336 the First Tier Tribunal refused to allow a late appeal against a corporation tax late filing penalty; it was up to the company, not it's agent to ensure its tax affairs were up to date.
In B Humphreys Building Construction Ltd v HMRC [2019] TC7289 the First Tier Tribunal dismissed an appeal against corporation tax return late filing penalties; reliance on an adviser and software issues were not a reasonable excuse for a third successive late return.