The government has set out the steps it will take to make it easier for authorities to identify the beneficial owners of corporate entities; these steps include changes to Company Law and Money Laundering regulations, and the creation of a publicly accessible central register.
SME Tax News
In GDF Suez Teeside Ltd v HMRC [2015] TC04590 the FTT concluded that the company's accounts did not fairly represent its profits, despite them being prepared in accordance with GAAP.
In Nigel Barratt v HMRC [2015] TC04514 the first tier tribunal (FTT) once again found that HMRC's interpretation of reasonable excuse was 'inappropriate'.
HMRC have reported that an increasing number of errors are being made in inheritance tax reporting.
In Skatteverket v David Hedqvist (C-264/14) [2015], the CJEU has decided that bitcoin exchange services are exempt from VAT.
A number of changes to working tax credits and child tax credits were announced in the Summer Budget and we have summarised these for you.
In Ernest O Bustard v HMRC [2015] UKFTT TC04703 a take-away owner successfully appealed the results of a mark-up exercise by HMRC: its assessments were not made in best judgement and were excessive.
In William P Harrison v HMRC [2015] TC04693 the taxpayer made multiple invalid CGT main residence elections: none of the elected properties was ever occupied as a "residence".
In Sonny Joseph McEwen v HMRC [2015] TC04677 the first tier tribunal (FTT) found that payments to a subcontractor had been paid gross: there was no evidence of any tax deduction.
Proposals to align pension input periods (PIPs) with the tax year from 6 April 2016 were announced in the 2015 Summer Budget. The transitional rules which affect the 2015/16 tax year open up the possibility of doubling the available allowance for the year to £80,000.