In Strictly Money Ltd v HMRC [2024] TC09296, SME R&D relief for subcontractor expenditure was denied because the expenditure was not wholly and exclusively incurred for the company’s trade.
SME Tax News
In Julian Lowe v HMRC [2024] TC9285, four years of Discovery Assessments for allegedly overclaimed travel and subsistence expenses were invalid. HMRC was unable to provide any evidence to substantiate its officer's decision to make a discovery.
In Mr Brzezicki v HMRC [2024] TC9294 the tribunal was divided as to whether a trout stream with an island was residential land for Stamp Duty Land Tax (SDLT) or not. The chair confirmed the appeal using her casting vote.
In Mark Stewart Wyatt v HMRC [2024] TC09297, the First Tier Tribunal (FTT) found that Discovery assessments made on a property developer were invalid: they assessed both Income Tax and Capital Gains Tax (CGT) on the same transactions.
HMRC have confirmed that new regulations will be issued allowing certain fractional shares to be held in an Individual Savings Account (ISA). This confirms a change in HMRC's advice from October last year when it said fractional shares could not be held in ISAs and Child Trust Funds (CTFs).
Missed our SME Tax Web-updates in September? Here is a summary of the month.
Hello,
This week we explore HMRC’s latest Agent Update, discrepancies with corporate losses, a new report on Anti-Money Laundering (AML) supervision and clarifications to the legal status of digital assets.
In Kevin McCabe v HMRC [2024] UT 280, a taxpayer’s plan to move abroad to avoid UK tax failed when the Upper Tribunal ruled him UK resident according to the tie-breaker clauses in a Double Tax Agreement (DTA).
Nichola Ross Martin attended a number of AI-centred events at the government's party conference to obtain insights from representatives from Open AI, Meta, Google etc. Obviously, the big players in AI are not likely to give away their Intellectual Property (IP) and tell us too much. This piece provides a briefing for our subscribers who would like a bit of an insight into what we (Rossmartin Tax) think about Artificial Intelligence (AI), its limitations and thoughts on our future plans.
The professional bodies supervising anti-money laundering enforcement amongst their members have been told by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) that improvements need to be made. While most Professional Body Supervisors (PBSs) comply with the regulatory requirements, "pockets of ineffectiveness remain".