Hello,
HMRC's latest campaign aims to identify undeclared dividend income. As you all know, most small companies' accounts do not show the amount of dividends that have been paid to their owners. HMRC can calculate the level of distributions made by making a comparison of a company's reserves from one year to the next from its accounts submitted for Corporation Tax.
Some news outlets seem to think that there is a new form of 'taxi-tax'. There is no new tax but a dispute about VAT. We take a closer look at the issues.
Nice try! A house buyer failed in a claim that he had purchased two dwellings for SDLT. The tax tribunal was not convinced that 'rooms over a garage' had sufficient refinements to be either suitable for use as a dwelling nor were they in the process of being adapted for such use.
A former soldier persuaded the First Tier Tribunal (FTT) to restrict the scope of HMRC's assessment for a High-Income Child Benefit Charge (HICBC). He claimed that he was unaware of the charge due to being absent from the country on military operations. HMRC's discovery was permitted due to a retrospective change in the tax law and the taxpayer missed the cut-off by a matter of days.
In their latest one-to-many letter, HMRC turn their attention to company owners who may have underdeclared dividend income.
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How was Self Assessment for you? I bet you have the same issue: a small band of taxpayers who bring their books in at the last minute.
Been too busy with Self Assessment returns to keep up with the news? Our pick of useful cases for accountants to discuss with their clients focused mainly on tax appeals by companies or their directors, we also have a selection of VAT, SDLT and customs duty appeals.
In Sabbir Patwary v HMRC [2024] TC09035, the First Tier Tribunal (FTT) found that a taxpayer gave 'remarkably little' evidence to demonstrate that he occupied a property as his only or main residence. As a result, his claim for Capital Gains Tax (CGT) Private Residence Relief (PRR) was denied.
A lot of clients say that they have had difficulty navigating HMRC's online payment screen, this is a walk-through describing how to make a payment using online banking. The end steps may vary according to your individual bank.
Missed our SME Tax Web-updates in January? Here is a summary of the month.