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.
A cautionary tale of credit cards & loan relationships
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.
No Entrepreneurs’ Relief on trust share disposal
In The Trustees of the Peter Buckley Settlement v HMRC [2024] TC09022, the First Tier Tribunal (FTT) found that Capital Gains Tax (CGT) Entrepreneurs’ Relief was not available on a trust’s share disposal. The company was not the qualifying beneficiary’s 'personal company' for the required period.
Walkers ‘Sensations Poppadoms’ were standard rated for VAT
In Walkers Snack Foods Limited v HMRC [2024] TC09024, the First Tier Tribunal (FTT) found that Walkers ‘Sensations Poppadoms’ are standard rated for VAT. They are made from potato and potato starch, and were similar to potato crisps.
Salary in lieu of dividends did not qualify for CJRS
In Bandstream Media and Corporate Communications Limited v HMRC [2024] TC09016, the First Tier Tribunal (FTT) found that an employer could not base its Coronavirus Job Retention Scheme (CJRS) claims on a salary which was increased after 19 March 2020, and in lieu of dividends.
Nichola's SME Tax W-update 11 January 2024
Hello
The ITV drama 'Mr Bates v the Post Office' has been gripping the nation and causing more than a stir in the press. More details will emerge on the Post Office's and Fujitsu's failed accounting and computer systems as the government’s inquiry re-opens. We have every sympathy for victims of the Post Office and its Horizon computer system.
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