SME Tax News

Hello

Just a short update this week. Due to the Easter holiday there is very little in terms of 'latest tax news' and so we have picked our selection of new Private Client case decisions. We also feature a really useful VAT decision.

In Lily P Tang v HMRC [2018] TC 6965 the FTT decided that a bare trust for a family member can exist without formal documents if that is supported by other evidence.  

In Sean Kirby v Revenue & Customs [2019] TC07054 the First Tier tribunal (FTT) held that pension income paid to Mr Kirby’s ex-wife remained taxable on him as there was no pension sharing order in place.

In R (on the application of Derry) v HMRC [2019] UKSC 19 the Supreme Court dismissed HMRC’s appeal; HMRC had opened the wrong type of enquiry into a share loss relief carry back claim.

The deadline for paying the loan charge for employment related schemes such as Employee Benefit Trusts (EBT’s) and EFRBS is 19 April 2019 for cheque payments or 22 April for electronic payments.

From 1 May 2019 HMRC are increasing their fees for money laundering supervision. If your business turnover is less than £5,000 you can apply for a ‘small business’ reduction.