SME Tax News

HMRC have issued Spotlight 53: Disguised remuneration: tax avoidance using capital advances, joint and mutual share ownership agreements about schemes to avoid Income Tax and NIC using capital advances and offshore share ownership arrangements.

In Gordon Lim v HMRC [2019] TC07158 the FTT held no deduction could be claimed for forfeited property deposits and payments for breach of contract; the taxpayer had not incurred the costs as part of his property dealing trade.

Dropbox deleted our data and then restored it with the wrong dates. Users of Dropbox need to be aware that the service has a massive flaw. If things go wrong and you have to restore lost data, it will re-date all your files and folders to the date of restoration. 

In Ernest Thomson & Ors v HMRC [2018] TC 6598 the First tier tribunal decided three taxpayers who dealt in contracts for difference were not trading; they were not able to offset losses against income from other sources.

In Executors of Mrs R W Levy v HMRC [2019] TC07233 the First tier tribunal held that HMRC did not have the power to issue a closure notice where the amount of tax due had not yet been determined.

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This time: how did Entrepreneurs' Relief become quite so complicated? Company cars, gifting shares, capital allowances and VAT and special offers.