HMRC have rejected the proposal that a 'brightline test' could be introduced when the Furnished Holiday Letting (FHL) regime is abolished in April 2025. The idea was that a simple test could set criteria to assist taxpayers in establishing the boundary between property letting and trading, a topic that has foxed both taxpayers and tax tribunals for decades.
The High Court intervened to interpret a will where a number or charities that were the subject of gifts were incorrectly named. In all cases, the court identified a suitable body to receive the gift left in the will, with the result that none of the gifts failed.
HMRC have issued 'Help with football agents' fees and dual representation contracts'. These are guidelines on dealing with fees charged by football agents when a player transfers from one club to another or when a playing contract is negotiated with their current club.
Hello,
We have all been at the Accountex show this week. It has been very well attended, and now that we are over the COVID slump it seems that almost everyone is out and about and back to 'in-person' events. It's great to be back networking, hearing feedback from our lovely subscribers and and it gives a us a good chance to demonstrate our amazing tax resources to potential new customers.
Despite not meeting the criteria, the taxpayer's claim for post-cessation trade relief was granted. If HMRC had issued its notice of intention to enquire within time, the claim would have been invalid.
Postmasters receiving compensation payments from the Post Office Process Review scheme and the Suspension Remuneration Review scheme will be exempted from Income Tax, National Insurance Contributions and Capital Gains Tax.
HMRC are asking for your views in relation to a technical consultation for the proposed new Penalties for Failure to Pay Tax (Schedule 26 to the Finance Act 2021) (Assessments) Regulations 2024. The consultation closes on 10 June 2024.
Former Chancellor Nadhim Zahawi has revealed he paid nearly £5 million to HMRC to settle outstanding tax bills and fines for carelessness. His figures reflect our analysis concerning his offshore tax and trust published in January last year.
The Central London County Court has set aside a will after finding it had been completed when a now-deceased individual was under undue influence from the defendant.
Hello,
We continue to delve a little deeper into Basis Year Reform this week, adding extra FAQs and examples to our guides. We also have updates for partners and partnerships who may well want to consider changing their accounting periods for reporting to simplify tax reporting under the new tax year basis of assessment.
