In Eric Eastman V HMRC [2016] TC05276, the First Tier Tribunal (FTT) allowed suspension of a penalty for a one-off capital gains tax (CGT) error. The taxpayer’s accountant made the mistake and he created to new systems to prevent re-occurrence.
SME Tax News
Employee Benefit Trust (EBT) settlement after 31 July 2015 settlement opportunity (NewEBTSO).
In Dipak Patel v HMRC [2015] TC04225 the FTT disallowed sideways loss relief. The taxpayer's spice and cookery, and photography businesses were hobbies: he was not operating them on a commercial basis.
In Grenade (UK) Limited v Grenade Energy Limited & ANR, the ‘corporate veil’ did not protect a director from being held jointly liable with his company for the tort of passing off.
In McNamara Joinery Ltd v HMRC [2016] TC 05278 problems getting hold of HMRC by phone were found to be a reasonable excuse for late payment of VAT.
In Dilip Amin v HMRC [2016] TC 05265 the partial disposal of an accountant's business premises did not qualify for CGT Entrepreneurs’ Relief just because he also disposed of some goodwill at the same time.
If you missed our summer web-updates, here is a summary for you!
HMRC have launched three consultations on ‘Tackling the hidden economy’ proposing tougher sanctions, conditionality and the extension of data-gathering powers.