In M & E McQuillan v HMRC [2016] TC05074 redeemable non-voting shares carrying no right to a dividend were not counted as ordinary shares for CGT relief on the basis that no right to a dividend amounted to a fixed rate dividend of 0%. This finding is contrary to HMRC's manuals.
SME Tax News
In Bernard Bediako v HMRC [2015] TC05054 an accountant's misunderstanding of self assessment and the appeals procedure resulted in a tax penalty for the taxpayer.
In G4S Cash Solutions (UK) Ltd v HMRC [2016] TC05015 the First Tier Tribunal confirmed that parking fines incurred by the company could not be deductible for tax purposes.
Many small businesses will benefit from proposed amendments to Finance Bill 2016 which will enable connected employers to share the £15,000 Apprenticeship Levy allowance which will be introduced from April 2017.
The Chairman of the House of Commons Treasury Committee has written an open letter to David Gauke, the Financial Secretary to the Treasury, raising concerns about the implementation costs for businesses of the Making Tax Digital proposals.
HMRC has updated its yield statistics for the Liechtenstein Disclosure Facility (LDF). It seems that the number of disclosures has risen slightly as the facility winds down and the average disclosure level follows a very, very smooth straight line upwards.
HMRC has published a new consultation on potential reform options for the Gift Aid Small Donations Scheme (GASDS). It builds on the recent Call for Evidence which sought views on how the scheme is working and how it could be improved.
HMRC have issued their Agent Update for April 2016: we have summarised the key content for you with links to our detailed guidance on the topics covered.
HMRC launched six consultations on 20 April 2016, and closed its 'top secret' one on 22 April. We summarise the issues for you.
The Low Incomes Tax Reform Group (LITRG) is urging anyone who has not yet filed their online self-assessment tax return with HMRC for the year ended 5 April 2015, to do so by the end of this month or risk being charged more money.