In David Hogg (as executor of Mrs B Dodd) v HMRC TC05987 the First Tier Tribunal (FTT) held that neither s8 nor s8A of TMA 1970 apply to an Executor’s Return so late filing penalties should be cancelled.
SME Tax News
HMRC have, for the first time, released official statistics on the number of non-UK domiciled individuals in the UK and their incomes. It seems that officially, at least there are not very many.
In Oco Ltd and Another v HMRC [2017] UK FTT payments from an EBT into sub trusts were found to be earnings under the Ramsay principle; there was no possibility that the loans from the sub trusts to employees would ever be repaid.
In HMRC v M & E McQuillan [2017] UKUT 0344 (TCC) the Upper Tribunal (UT) held that shares with no entitlement to dividends were Ordinary Shares for the purposes of the Entrepreneurs’ Relief legislation. This meant the taxpayers held under 5% of the company so relief was not available.
The CCAB has published its new draft money laundering guidance for auditors, accountants and tax advisors.
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This time we feature our latest SME Company topical update. With a quite staggering number of changes in both tax and accounting, this is essential CPD for anyone advising or running a company.
The Chancellor has published a letter which asks the Office of Tax Simplification (OTS) to conduct a further review of the proposal to use depreciation instead of capital allowances for tax.