In Tim Healy v HMRC [2015] TC04425 an actor was unsuccessful in claiming tax relief for renting a flat when working away from home. His admission that he wanted a spare room to accommodate potential guests meant that the expense was not "wholly and exclusively incurred" for the purpose of his business.
SME Tax News
In Brian Foulser and Mrs Doreen Foulser v HMRC [2015] TC 04413 both parties share valuation experts failed to reach any agreement as to the market value of an unlisted company.
HMRC says that it will not challenge a self assessment late filing penalty in cases where the taxpayer has a reasonable excuse for not filing their tax return on time and has made an appeal.
In Secretary for State v Knight UKEAT/0073/13/RN the sole director and shareholder of a company made a successful claim for redundancy pay when her company creased trading.
In the first two penalty appeals concerning the Annual Tax on Enveloped Dwellings (ATED) regime, the FTT finds that ignorance of the law is not a "reasonable excuse" for late filing.
Chancellor George Osborne has announced that he will be holding a second Budget of 2015 on 8 July. He says that this will be a budget for "working people".
In John Humphrey Roberton Carver v HMRC [2015] TC004362 a Lloyd’s Name was denied CGT Entrepreneurs’ Relief on a disposal of syndicate capacity after the FTT found that syndicate capacity was an asset of his trade and not a business in its own right.
The end of year Real Time Information (RTI) PAYE submissions should have all been made by 19 April 2015 at latest. Although HMRC does give a three day grace period. What happens if you don't report your payroll information on time? HMRC may well charge a penalty.
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In The Queen (on behalf of Andrew Michael Higgs) v HMRC [2015] UKUT 0092 (TCC) HMRC refused to repay an overpayment of tax following late filing of a tax return, claiming that the four year limit prevented repayment. The Upper Tier Tribunal decided that no time limit applied in the circumstances.