In Dr Sharat Jain v HMRC TC 04788 [2015], an NHS consultant who carried on private work at weekends from various hospitals was disallowed his home to travel and subsistence costs. They were not wholly and exclusively incurred: the FTT applied the reasoning from the Dr Samadian decision.
Nichola's SME Tax w-update 5 February 2016
Hello
Just a short web-update this week. Reviewing my inbox and the type of queries we are seeing, there is clear evidence that the government's tax policy is doing a lot to bolster the profits of professional firms.
Fee paid to avoid tax partner's bankruptcy: disallowed
In HMRC v Peter Vaines [2016] UKUT 0002 (TCC), a partner in a law firm was disallowed tax relief on a payment made to avoid potential bankruptcy and to protect his reputation, it was not wholly and exclusively incurred for the purposes of the trade.
RIP: Post Transaction Valuation Checks
HMRC's Shares & Asset Valuation (SAV) is to withdraw some valuation check services. SAV says that its valuation resources are being severely stretched. It will withdraw its informal valuation check service for PAYE Health Checks and ITEPA Post Transaction Valuation Checks.
Nichola's SME Tax w-update 29 January 2016
Hello
What a busy week, although a relatively quiet week for SME tax news.
Parliamentary debate on quarterly accounting for the self employed
MPs debated the online petition "Scrap plans forcing self employed & small business to do 4 tax returns yearly" earlier this week and the Financial Secretary to the Treasury, David Gauke provided more detail of the government's plans for digital reporting.
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