In Carol Holmes & Andrew Knight v HMRC [2018] TC6824 the FTT allowed HMRC to access taxpayers' private bank statements. There was evidence that declared business income did not support private cash outgoings.
SME Tax News
In Clive Beagles v HMRC [2018] UKUT 380 the Upper Tier tribunal confirmed that a discovery assessment may become 'stale' in circumstances when HMRC is aware of a potential insufficiency of tax yet delays in raising an appropriate assessment.
Following a request from the Chancellor the Office for Tax Simplification (OTS) has undertaken a review into the Inheritance Tax (IHT) regime and their first report has now been published.
In Wilsons Solicitors LLP v HMRC [2018] TC06778 the First Tier tribunal held that the money laundering record keeping obligations of a solicitors partnership did not make them a relevant data holder for the purposes of HMRC’s data gathering powers.
In the 2018 budget a temporary increase to the Annual Investment Allowance (AIA) was announced. The ATT has requested an amendment to the draft legislation to allow SME businesses who are disadvantaged in periods which straddle 1 January 2021 to opt out of the increase.
HMRC have published new advisory fuel rates for company car drivers which will apply from 1 December 2018.
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In this time's web-update: the House of Lords urges HMRC to defer all aspects of Making Tax Digital, we look at new measures likely to catch out Non-residents and much more.
In A McCashin v HMRC [2018] TC06776 the First-Tier tribunal (FTT) dismissed an appeal against unauthorised payment charges on pension scheme withdrawals paid to Gibraltar.
In George Edwards Consulting Limited v HMRC [2018] TC06760, the First-Tier Tribunal (FTT) found that overpaying PAYE is no reasonable excuse for filing your late P35.
The chancellor increased personal tax allowances for individuals and increased the Annual Investment Allowance however he also restricted the scope of several valuable tax reliefs, including Capital Gains tax (CGT) Entrepreneurs' Relief and Private Residence Relief and R & D as well as introducing the off-payroll working rules to medium and large companies in the private sector.