In Dimitrakis G Demetriou & Anor v HMRC [2024] TC09288, the First Tier Tribunal (FTT) found that a wild fishery business did not qualify for Inheritance Tax (IHT) Business Property Relief (BPR). The business consisted mainly of holding investments.
SME Tax News
HMRC have released a report, 'UK payrolled employments by nationality, region, industry, age and sex, from July 2014 to December 2023' which showed the total of payrolled jobs in the UK increased by 1%, from 31.7 million to 32.0 million over the past year.
Hello,
This week we've been looking at what we can all learn from a National Audit Office (NAO) report on tax evasion in the retail sector, there are more 'One to many' letters coming out from HMRC, this time targeting higher rate taxpayers and remittance basis users. Do have a read of our cases, as we pick out ones that we think have good educational value for advisers.
HMRC's Wealthy Team are sending a one-to-many letter to individuals whom HMRC believe should have paid a remittance basis charge in 2022-23.
The National Audit Office (NAO) pulls no punches in its latest report, 'Tackling tax evasion in high street and online retail'. It concludes that HMRC are slow in preventing phoenixing, disguised residency and electronic sales suppression. Tax evasion is growing in the small business sector and whilst HMRC have identified issues, they've done almost nothing to prevent them.
HMRC retains a list of businesses under its supervision for Anti-Money Laundering (AML) purposes. This list can be used by anyone in their customer due diligence process.
In Ali Sadiq Jaafar v HMRC [2024] TC9279, an appeal to the First Tier Tribunal (FTT) in respect of Coronavirus Support Payments backfired. The evidence revealed that the taxpayer was not trading at the time and that a claim made by his dormant company for a Bounce Back Loan was likely to have been wrongly made too.
In Go City Limited (formerly the Leisure Pass Group Limited) v HMRC [2024] TC9263, the FTT gave judgment over a long-running saga, deciding that visitor passes that combined transport with entry to London attractions are multi-purpose vouchers, not tickets, and therefore outside the scope of VAT.
A recent National Audit Office (NAO) report compares measures adopted by other countries to reduce instances of VAT and sales fraud with the UK's approach. It reveals that the UK is seriously lagging in terms of its adoption of technological solutions.
In considering why the UK came to be so perverse in its approach to tax technology, we should examine whether HMRC's approach to Making Tax Digital should refocus on sales reporting.
Over six months starting in September 2022, a large number of VAT-registered overseas businesses changed their registered address to one residential property in Cardiff. The resident received over 11,000 letters from HMRC and debt collection agencies regarding unpaid VAT, according to an example included in a report the National Audit Office (NAO).
