SME Tax News

In Jacqueline Potter and Neil Potter v HMRC [2019] TC7348 the First Tier tribunal allowed a claim for Entrepreneurs relief where the business had not raised an invoice for 5 years; its activities were directed at reviving the trade so its non-trading activities were not 'substantial'.

In Urenco Chemplants Ltd and Urenco UK Limited v HMRC [2019] TC7318 expenditure on the cost of constructing a tails management facility at a nuclear site was found to be structural and did not qualify for plant and machinery capital allowances.

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In this time's web-update we look at the latest statistics on Making VAT Digital, we review HMRC's Brexit guide, and also take a close look at HMRC's powers to obtain information.

HMRC have issued a Brexit Special version of their regular Agent Update. We have summarised the key content for you with links to our detailed guidance on the topics covered.

In Roulette V2 Charters LLP v HMRC [2019] TC07331 the First Tier tribunal refused sideways loss relief for a yacht charter business: the possibility that the business would make a profit was remote and initial profit expectations were wildly wrong.

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We are taking a closer look at some recent tribunal decisions affecting companies and their owners this week. We also have yet more updates on the Loan Charge and more VAT announcements.