Following criticism from professional bodies and a number of unsuccessful visits to the First Tier Tribunal (FTT) HMRC has issued a revised version of VAT notice 733 Flat Rate Scheme to update their guidance in accordance with the FTT decisions.
Share loss relief: shares not Ordinary
In Colin Bielckus, Mark Arnell and Kevin Taylor v HMRC [2016] TC05044 the addition of voting rights attaching to shares were not enough to make them ordinary shares for the purposes of share loss relief.
Entrepreneurs' Relief: the dangers of unusual share rights
In M & E McQuillan v HMRC [2016] TC05074 redeemable non-voting shares carrying no right to a dividend were not counted as ordinary shares for CGT relief on the basis that no right to a dividend amounted to a fixed rate dividend of 0%. This finding is contrary to HMRC's manuals.
Accountant error leads to tax penalty
In Bernard Bediako v HMRC [2015] TC05054 an accountant's misunderstanding of self assessment and the appeals procedure resulted in a tax penalty for the taxpayer.
Nichola's SME Tax W-update 6 May 2016
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We have a Land & Property special this time, with our latest Adviser's Update providing a detailed summary of all the recent developments and proposals in all areas of property taxation from income tax to SDLT.
Treasury Committee concerned over software costs of Making Tax Digital
The Chairman of the House of Commons Treasury Committee has written an open letter to David Gauke, the Financial Secretary to the Treasury, raising concerns about the implementation costs for businesses of the Making Tax Digital proposals.
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