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SME Tax News
Hello
After a bit of a lull in tax news during the general election we are now going into overdrive. As usual we have cherry picked the best bits for SME advisers. I must apologise about the length of this time's edition, but stay with it: there are a lot of top tips, tax traps and tax cases reported this time which are worth a quick read through.
In Lobler v HMRC [2015] UKUT 0152 a taxpayer ticked the wrong box when withdrawing funds from a life policy with the result was that he was imposed with a 700% tax liability, effectively paying tax on his own capital. The Upper Tribunal allowed his mistake to be rectified.
CJS Eastern v HMRC [2015] UKFTT 579 concerned late filing penalties in the Contruction Industry Scheme. The FTT explored its powers to reduce both fixed and month 13 penalties.
A community amateur sports club (CASC) is not a person under tax law, so it cannot be charged a tax penalty under section 98A TMA 1970.
In Tim Healy v HMRC [2015] TC04425 an actor was unsuccessful in claiming tax relief for renting a flat when working away from home. His admission that he wanted a spare room to accommodate potential guests meant that the expense was not "wholly and exclusively incurred" for the purpose of his business.
In Brian Foulser and Mrs Doreen Foulser v HMRC [2015] TC 04413 both parties share valuation experts failed to reach any agreement as to the market value of an unlisted company.
HMRC says that it will not challenge a self assessment late filing penalty in cases where the taxpayer has a reasonable excuse for not filing their tax return on time and has made an appeal.