In Rupert Grint V HMRC [2016] TC05286 the Harry Potter star fell foul of the rules for change of accounting date for tax.
SME Tax News
In Kujtim Gjoci v HMRC [2016] UKFTT TC05325 a plumber who did not keep records had a good break on tax penalties. Apart from quoting the wrong legislation First Tribunal (FTT) did not spot that penalties for a deliberate error are not normally capable for suspension
In Jerome Anderson v HMRC [2016] UKFTT TC05314, the First Tier Tribunal (FTT) denied a football agent relief for trading losses: if he was carrying on a trade, then it was not on a commercial basis with a view to making profits.
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 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.
Employee Benefit Trust (EBT) settlement after 31 July 2015 settlement opportunity (NewEBTSO).
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.