In 2014, HMRC's personal tax contentious issues panel conceded that in certain cases it will allow taxpayers' claims for Mansworth v Jelley loss relief. This will bring to an end many long-running disputes over share losses
Nichola's SME Tax W-update 5 June 2014
Hello
This week's tax update is a tax penalty and appeals special. No one in public practice can be surprised to note that late filing and late payment penalty appeals are taking up a substantial amount of the First Tier Tribunal's (FTT) time. They take up a substantial amount of everyone's time.
HMRC's definition of 'reasonable excuse': too narrow
HMRC's definition of 'reasonable excuse' makes for a waste of time and resources: it is "too narrow" according to First Tier Tribunal Judge Ann Redston. As a result cases come to the Tribunal when they could be resolved by HMRC.
HMRC's 2012 'nudge' letter trial
HMRC has been sending out around 1,000 'nudge' letters to individuals paying tax at a lower-than-expected effective tax rates. This is a trial and not publicised campaign.
Prohibition of corporate members from LLPs
The government department, Business Innovation & Skills (BIS) has published a response to a consultation document relating to greater transparency and trust in UK business and included a proposal to prohibit corporate membership of LLPs.
Nichola's SME Tax W-update 29 May 2014
Hello
A short Web-update this week, but there is a lot packed into it. Of great interest is the result in the Wildin case. This concerned a capital gains tax dispute over the method of valuing a small accountancy practice.
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