The Supreme Court has dismissed an appeal by Future Capital Partners, the creator and a group of investors of the Eclipse 35 film scheme. The tax avoidance scheme failed because its activities never amounted to a trade.
SME Tax News
The Scottish First Minister, Nicola Sturgeon, has set out proposals for Scottish income tax in 2017/18 which will see some taxpayers in Scotland paying higher taxes than the rest of the UK for the first time.
"Ignorance of the law is no excuse" so the adage goes. See if you can work out what you need to do to meet the exemption in subsection 5? The official explanatory notes and our crib sheet are below.
HMRC have published their Employer Bulletin for April 2016. We summarised key content for you, with links to our detailed guidance on the topics covered.
The Administrative Burdens Advisory Board (ABAB) has submitted its third Annual Report to David Gauke MP, Financial Secretary to Treasury. The news of quarterly digital reporting took it by surprise and it is disappointed at the extra burdens imposed on the self employed.
In Alexander Revell v HMRC [2016] UKFTT TC04887 the First Tier Tribunal (FTT) decided that an enquiry into an unsolicited Tax Return was not valid.
Following the 6 April 2016 changes to the travel expenses for intermediaries, HMRC have published updated guidance on the meaning of supervision, direction or control (SDC).
HMRC have responded to the Office of Tax Simplification (OTS) tax simplification reviews for small companies and the closer alignment of income tax and NICs, rejecting some proposals and commissioning further reviews on others.
In Alan Castledine v HMRC [2016] TC04930 it was decided that deferred shares fell within the meaning of 'ordinary shares' for CGT Entrepreneurs’ Relief.
In Mitesh Kothari v HMRC [2016] UKFTT TC04915 the First Tier Tribunal (FTT) decided that the occupation of a property was not sufficient to qualify it as a residence.