In Glo-Ball Group Limited v HMRC [2023] TC08823, the First Tier Tribunal (FTT) found that a director, who had made posts on their company’s Facebook account while furloughed, was working. This made the director ineligible for Coronavirus Job Retention Scheme (CJRS) support.
SME Tax News
Missed our SME Tax Web-updates in May? Here is a summary of the month.
HMRC have issued their Agent Update for May 2023. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Research from law firm Macfarlanes has found that 255 private equity executives earned £2.7bn in Carried Interest for the tax year 2020/2021. Carried interest, due to a quirk in the tax rules, is taxed as capital gains.
The European Union is going to introduce a €7 visitor visa fee in 2024. Non-EU citizens and travellers from outside the Schengen zone, including the British, will have to pay a €7 application to enter.
HMRC have recently commenced another one-to-many letter campaign, this time focusing on Gift Aid repayment claims by charities.
In Shinelock Limited v HMRC [2023] UKUT 107, the Upper Tribunal (UT) found that a loan relationship debit requires recognition in the Profit & Loss Account in order to be taken into account for Corporation Tax purposes. Instead, the payment was a distribution.
In Bhaur & Ors v Equity First Trustees (Nevis) Ltd & Ors [2022] EWCA (Civ) 534, an IHT-saving property partnership incorporation scheme involving a complex offshore Employee Benefit Trust could not be reversed on the grounds of a mistake about its tax consequences. It was highly artificial tax avoidance which Mr Bhaur decided to enter into despite knowing the risk of a HMRC challenge.
Hello
We have a diverse collection of news items for you this week. We pondered as to whether your average SME owner or adviser would be interested in 'Tonnage Tax'. At least one of us had seen this apply to a client of a small practice and we concluded that as this is something of a rarity: a new election to apply this tax, it was better to mention it than to stay silent on the matter.
Several accounting bodies have a requirement for members to have CPD that is independently verifiable. Depending upon demand, we can offer a service which tracks your time for you when reading and researching tax problems and viewing CPD webinars on this site. What kind of CPD do you want these days? We would love to hear your views.