Hello
SME Tax News
In Kujtim Gjoci v HMRC [2016] UKFTT TC05325 a plumber who did not keep records had a good break on tax penalties. Apart from quoting the wrong legislation First Tribunal (FTT) did not spot that penalties for a deliberate error are not normally capable for suspension
In Jerome Anderson v HMRC [2016] UKFTT TC05314, the First Tier Tribunal (FTT) denied a football agent relief for trading losses: if he was carrying on a trade, then it was not on a commercial basis with a view to making profits.
In Eric Eastman V HMRC [2016] TC05276, the First Tier Tribunal (FTT) allowed suspension of a penalty for a one-off capital gains tax (CGT) error. The taxpayer’s accountant made the mistake and he created to new systems to prevent re-occurrence.
Employee Benefit Trust (EBT) settlement after 31 July 2015 settlement opportunity (NewEBTSO).
In Dipak Patel v HMRC [2015] TC04225 the FTT disallowed sideways loss relief. The taxpayer's spice and cookery, and photography businesses were hobbies: he was not operating them on a commercial basis.
In Grenade (UK) Limited v Grenade Energy Limited & ANR, the ‘corporate veil’ did not protect a director from being held jointly liable with his company for the tort of passing off.
In McNamara Joinery Ltd v HMRC [2016] TC 05278 problems getting hold of HMRC by phone were found to be a reasonable excuse for late payment of VAT.