In R Ames v HMRC [2015] TC04523, an Enterprise Investment Scheme (EIS) investor failed to secure Capital Gains Tax (CGT) relief. He had failed to make an Income Tax relief claim, having no taxable income in the year in which he had made his investment.
SME Tax News
In J Clark v CRC (2015) TC04509, the First Tier Tribunal allowed an appeal against HMRC’s refusal to grant Special relief to a tax payer in relation to years where he had not submitted returns: it would unconscionable to collect the tax due.
A number of changes were implemented in 2015/16 to National Insurance Constributions (NICs), with more coming next year. A short summary of each of these is provided below.
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In Monitor Audio Limited v HMRC (2015) TC04541, the tribunal considered whether for purposes of the Research and Development (R&D) relief SME tests, whether a “partner enterprise” was an institutional investor.
Intermediaries Legislation (IR35): discussion document; HMRC are openning a discussion in order to consider how the intermediaries legislation "IR35" can be improved.
Ambitious, experienced and qualified accountant (ACA/ACCA) wanted to come and develop and manage their own portfolio of clients for an expanding and innvative firm in Birkenhead, Wirral. For full details of job spec and benefits please email us.
HMRC have made another announcement about the Employment Related Securities (ERS) Online service, as follows:
Time is running out for employers to use HMRC's Employee Benefit Trust (EBT) Settlement Opportunity (EBTSO). It ends on 31 July 2015. Advisers and their client need to act quickly and consider the consequences of not settling their liabilities now.
In East Allenheads Estates Ltd v CRC (2015) TC04513, the First Tier Tribunal (FTT) dismissed a claim for Enterprise Investment Scheme (EIS) deferral relief. The company was not a qualifying company at the time of the investment.