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In this week's web-update we hope we can take your minds off the events of such a horrible week in the UK. In tax there are often 'known unknowns'. Most taxpayers probably don't realise this until they enter into a dispute with HMRC. We feature quite a topical collection of these taxing things this week.
In The Leeds Cricket Football & Athletic Company Limited v HMRC [2019] TC4486 the FTT found that cricket hospitality was a separable business from the Headingly Stadium with its own goodwill attaching: it was not merely an income stream anciliary to the land.
In Matharu Delivery Service Ltd TC7347 and Bhapinder Matharu TC7324 a company and its director, failed to show why it was unreasonable of HMRC to demand a detailed directors’ loan account schedule and copies of his private bank statements.
In Paya Ltd, Allday Media Ltd & Tim Willcox Ltd v HMRC [2019] TC7377 the First Tier tribunal found IR35 applied to the personal service companies of three BBC presenters but their advisers did not act carelessly.
In Jacqueline Potter and Neil Potter v HMRC [2019] TC7348 the First Tier tribunal allowed a claim for Entrepreneurs relief where the business had not raised an invoice for 5 years; its activities were directed at reviving the trade so its non-trading activities were not 'substantial'.
In Urenco Chemplants Ltd and Urenco UK Limited v HMRC [2019] TC7318 expenditure on the cost of constructing a tails management facility at a nuclear site was found to be structural and did not qualify for plant and machinery capital allowances.
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In this time's web-update we look at the latest statistics on Making VAT Digital, we review HMRC's Brexit guide, and also take a close look at HMRC's powers to obtain information.
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.
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.