In Tottenham Hotspur Limited v HMRC [2016] UKFTT TC05143 the First Tier Tribunal (FTT) found that payments to players were termination payments and not subject to NIC.
SME Tax News
In Alpine Contract Services v HMRC [2016] TC05148 a director's actions led to penalties for deliberate behaviour. The FTT's interpretation of the term 'potential lost revenue' created a windfall for HMRC.
HMRC have published their Employer Bulletin for June 2016. We summarise the key content for you, with links to our detailed guidance on the topics covered.
Hello
Just a short update this week, and we feature an item that deserves special attention. Accountants: are you MSC Providers?
HMRC has kept several of its tax campaigns, or disclosure opportunities open. Any clients who might have undeclared liabilities in these areas should be encouraged to make disclosures to HMRC sooner rather than later to minimise penalties, interest and the pain of a formal investigation.
In X-Wind Power Limited v HMRC [2016] investors in the company lost out on tax reliefs after the company submitted an EIS compliance statement to HMRC instead of the intended SEIS compliance statement.
In Christianuyi Limited & Others v HMRC [2016] TC05045 a Managed Service Company (MSC) Provider was found to be ‘involved’ with the taxpayers' personal service companies. This is the first time the MSC rules have been considered by the Courts since their introduction in 2007.
The Low Incomes Tax Reform Group (LITRG) is urging people to claim back tax deducted from savings income in past years now that they have received their P60s.