HMRC have issued their Agent Update for January 2024. We have summarised the key content for you with links to our detailed guidance on the topics covered.
HMRC have issued their Agent Update for January 2024. We have summarised the key content for you with links to our detailed guidance on the topics covered.
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.
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.
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.
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.
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.
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