Hello,
We continue to delve a little deeper into Basis Year Reform this week, adding extra FAQs and examples to our guides. We also have updates for partners and partnerships who may well want to consider changing their accounting periods for reporting to simplify tax reporting under the new tax year basis of assessment.
The First Tier Tribunal (FTT) has heard details of a VAT and NICs tax appeal test case featuring 'Mini-Umbrella Companies (MUCs)' run by Filipino directors. The scheme, created by UK advisers, after taking the opinion of a KC, was promoted on Facebook and facilitated the making of fraudulent claims for agency workers after setting up VAT and PAYE records and taking advantage of HMRC's systems.
Hello,
We have our enhanced version of HMRC's Agent Update for you this time and several topical case decisions and news, including three cases on claims about share disposals, two on employment taxes and one on selling off a garden to a developer.
The Department for Business and Trade's response to its consultation 'Distributing tips fairly: draft statutory code of practice' includes the implementation of the Code of Practice, and the Employment (Allocation of Tips) Act 2023. Workers in tipping industries will be protected from unfair employers pocketing money meant to go to them in recognition of good service.
In Andrew Nunn v HMRC [2024] TC09127, the decision to sell off part of a garden to a developer resulted in the owner unwittingly becoming a developer, a fact not missed by the tax tribunal, which found in his favour in terms of Capital Gains Tax (CGT) Private Residence Relief (PRR).
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