In Zipvit Ltd v HMRC the Upper Tribunal confirmed the First Tier Tribunal’s decision that Zipvit could not reclaim input VAT in respect of services received which were wrongly invoiced as exempt.
SME Tax News
In R Stayton v HMRC [2016] TC05104 the First Tier Tribunal (FTT) found that a property developer’s wife who sold a house she never lived in was not trading.
In R King & Others v HMRC [2016] TC05163, the First Tier Tribunal (FTT) found that the members of an LLP could declare a different profit share in their personal returns if they believed that the figure in the partnership return was incorrect.
Hello
What a week! Quite apart from Brexit (and the football...), life for our totally digital business is always a bundle of laughs: we've had two days of power cuts, Windows 10 upgrade issues and DNS errors. The show goes on! We are back this time with some 'back-to-basics' guides, a look at what Brexit means for tax, HMRC's Agent update, a couple of cases and updates to our guides.
In Wholesale Clearance UK Ltd v HMRC [2016] UKFTT a company's failure to reconcile its VAT to its turnover resulted in a £17k VAT bill.
In Pattullo v HMRC [2016] UKUT 0270 the Upper Tribunal (UT) held that a discovery assessment into a CGT avoidance scheme was valid.
Brexit: Will it affect us? Will it affect tax? There is huge uncertainty as to exactly how and when the UK will impliment Britain's Exit from the European Union (Brexit), and even less certainty as what will come in its place.
HMRC have issued their Agent Update for June 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered.