In Jamie White v HMRC [2018] UTUK 0087 the Upper Tribunal (UT) denied income tax relief on irrecoverable loans to a trading company; they were capital in nature and not wholly and exclusively for the taxpayers trade.
SME Tax News
In Hannah Armstrong v HMRC [2018] TC06606 a late penalty appeal was allowed and late filing penalties quashed by the First Tier Tribunal (FTT); HMRC's penalty notices and notices to file sent electronically did not meet all of the conditions for electronic communication so were not validly delivered.
HMRC have issued the Agent Update for August/September 2018. We have summarised the key content for you with links to our detailed guidance on the topics covered. We've kept to HMRC's order of contents, it's not very 'SME' at first, but read on, it warms up.
On 13 July 2018 the Chancellor wrote and asked the Office of Tax Simplification (OTS) to carry out a further review of the small business lifecycle.
HMRC have published their Employer Bulletin for August 2018. We summarise the key content for you, with links to our detailed guidance on the topics covered.
Hello
We have a 'fun-packed' edition for you this week, lots of interesting cases, the new Employer Bulletin and a bunch of updated guides.
In Esprit Logistics Management Limited, Mr Graham Dixon, OCUK Limited (formerly ESNET Limited), Michon Limited, Ripple Developments Limited, Mr David Wolfenden [2018] TC6517 a scheme to wipe out directors' loan accounts by waiver did not work. The amounts waived were employment income. HMRC's Reg 80 determinations were upheld.
The ICAEW has reported that errors are being found in HMRC’s annual reconciliation of taxpayers’ PAYE records for 2017/18.
HM Treasury have now issued a commencement order to allow the Welsh Government to introduce income tax rates for Welsh taxpayers with effect from 6 April 2019.