In HMRC v Donaldson [2014] UKUT 0536 (TCC), the Upper Tax tribunal (UT) confirmed that HMRC had correctly imposed daily late filing penalties under para 4(1)(c) schedule 55 FA 2009. The case has been appealed by the taxpayer.
SME Tax News
Autumn Statement 2014: surprise announcements on restriction of Entrepreneurs' Relief on incorporation and new Stamp Duty Banding. Subscribers, please see your detailed version: Finance Bill 2015 tax update and rolling planner
The Government's has approved proposals for the Direct Recovery of Debts from taxpayer's bank accounts however following consultation has created the following safeguards to the measures which will be included in the 2015 Finance Bill.
Instead of requesting a cash repayment of overpaid tax credits HMRC will where circumstances permit now reduce current tax credits awards in order to repay outstanding debts from previous claims. Depending on a person's circumstances, outstanding overpayment(s) may be from one or more previous awards.
The Pensions Regulator has already fined employers for failing to comply with the Workplace Pensions rules in the quarter to September 2014. It warns that some employers are not aware that the new rules apply to them.
In Exec of Mr Jeffrey Leadley v HMRC TC04007 the tribunal examined who could make negligible value claims in respect of share losses on death.
On 1st October 2014 changes were made by the Inheritance and Trustees' Powers Act 2014 that affected the intestacy rules as well as the definitions of chattels for probate. From February 2020 further changes were introduced.
In Richard Hurst v HMRC [2014] TC0403 a taxpayer successfully claimed that he was a "disguised" employee in order to claim CGT Entrepreneurs' Relief. His claim to be a de facto director failed.
Two cases on Capital Gains Tax Private Residence Relief (PRR): one where the timely use of a main residence election would have saved the day, and the other where a property did not qualify as a "residence".
Silly VAT facts: Snowballs are cakes, Flapjacks are cakes, Morrison's Blue Berry Muffin, Banana Bread, Ginger Bread and Lemon Drizzle Nak'd bars are confectionary, and not cakes.