Missed our SME Tax Web-updates in January? Here is a summary of the month.
SME Tax News
Hello
With less than a week to go before we reach the deadline for filing Self Assessment returns and the pressure well and truly mounting we are delighted, after last week's Poppadom sensation VAT case, to find yet another amusing First Tier Tribunal (FTT) decision to read over lunch.
The First Tier Tribunal has had the engaging task of deciding whether imported action figures from Game of Thrones, the Marvel comics and the Living Dead are human, non-human, statuettes or just plastic toys, in an appeal against underpayment of Customs Duty.
The Scottish Government has published a response to its consultation on proposed legislative amendments to the Additional Dwelling Supplement (ADS) rules. These changes include extending 18-month deadlines to 36 months and providing relief from ADS on divorce or separation.
HMRC have issued their Agent Update for January 2024. We have summarised the key content for you with links to our detailed guidance on the topics covered.
The House of Common's Treasury Committee has written to 21 public sector organisations asking them to send details of any contracts awarded by their organisation to Fujitsu since 2019. The organisations include HMRC, the Bank of England and the Financial Conduct Authority.
Hello
‘Online markets’ are in the news again. This time, HMRC has a new campaign afoot which aims to catch online traders who are operating via serviced offices in the UK to appear to be UK resident for tax.
In 39 Fitzjohn's Avenue Limited v HMRC [2024] TC9021, the First Tier Tribunal (FTT) found that a London property which had a railway tunnel vent in its garden and workshop in its basement was a dwelling and not a mixed-use property for Stamp Duty Land Tax purposes.
HMRC have announced a package of measures intended to simplify and modernise the tax system. These include mandating the payrolling of Benefits In Kind, from April 2026, and allowing parents who do not claim Child Benefit to obtain a National Insurance credit.
In Mr James Keighley (1) Primeur Limited v HMRC [2024] TC9023, the First Tier Tribunal (FTT) found that a director’s personal use of his company’s credit card resulted in six years worth of tax assessments and penalties. Worse still, a write-off of an intercompany loan was ruled to have a disallowable purpose.