In Robert Morgan v HMRC and Keith Donaldson TC02720 two taxpayers had their daily £10 late filing penalties quashed by the First Tier Tribunal (FTT). HMRC went on to make a successful appeal to the Upper Tribunal and then the taxpayer lodged an appeal to the Court of Appeal.
SME Tax News
The case of Graham Michael Wildin v HMRC [2014] TC03586, involved a dispute on the correct method for valuing goodwill in an accountancy practice. HMRC favoured an assets-basis and the accountant, the appellant, a multiple of Gross Recurring Fees (GRF).
May 2014: update on recent developments in land and property taxation. This is available to subscribers only.
In Averil Finn & Gregory Finn & Robin Morris & Andrew Cornish v Revenue & Customs [2014] TC03555, a group of Enterprise Investment scheme (EIS) investors lost their relief when their company was acquired by another company.
In M J Febrey v Revenue & Customs [2014] TC03530 a director was made personal liable for tax and NICs following a deliberate failure to deduct PAYE and NICs.
Working full-time abroad means proving just that. In Paul Daniel v HMRC TC 03312, an investment banker failed to provide sufficient evidence to show that he was full-time working abroad and non-resident for CGT purposes.
MPs from the Treasury Select Committee have called for a review of HMRC's powers, deterrents and safeguards following considering the proposals in the 2014 budget which include retrospective taxation and direct access to taxpayer's bank accounts.
HMRC has agreed on proposals for developing their "Agent Strategy" and is working with agents’ representative bodies to take this work forward.
The Direct Recovery of Debts consultation: HMRC is now consulting on possibly the most terrifying new power ever proposed. It wants to be allowed to recover tax and tax credit debts directly from debtors’ bank accounts. Unsurprisingly, there is a lot of opposition to this proposal, not least because HMRC is considering that debtors once targeted should have no right of appeal.
In Richard Murray v HMRC TC 03474, the First Tier Tribunal disallowed a sideways claim for trade loss relief against general income. The trade was not run on a commercial basis.