SME Tax News

From 1 May 2019 HMRC are increasing their fees for money laundering supervision. If your business turnover is less than £5,000 you can apply for a ‘small business’ reduction.

In Ron Dennis v HMRC [2018] TC 6868 an indemnity clause in a shareholder’s agreement was held by the First Tier Tribunal not to be a guarantee that qualifies for Loans to Trader capital gains tax (CGT) relief.

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This week's web-update features some cases that continue to explore the dark world of ITEPA 2003 and the PAYE regulations. There is a new consultation on Private Residence Relief and an new VAT guide that might be more handy than you realise.

HMRC has published a consultation, 'Capital Gains Tax: Private Residence Relief: changes to the ancillary reliefs'. This follows the Budget 2018 announcements.

In Gerard Arthur Eccles v HMRC [2019] TC6978,  the first tier tribunal held that tax relief for a payment under a personal guarantee may only be made in the tax year in which it was paid.

In Big Bad Wolff Limited v HMRC [2019] UKUT121, the Upper Tribunal (UT) upheld the decision of the FTT finding that the special rules for actors prior to 6 April 2014 did not circumvent the deeming provisions of IR35.