In Swiss Centre Limited v HMRC [2023] TC08825, the First Tier Tribunal (FTT) denied a deduction in the P&L of £34 million paid as it was not a loan relationship debit, nor was it enhancement expenditure for a capital asset.
SME Tax News
HM Treasury have opened a consultation on ‘Tackling non-compliance in the umbrella company market’, also publishing responses to their 2021 Call for evidence on the Umbrella company market in general.
In Hughes Property Partners Limited v HMRC [2023] TC08829, the First Tier Tribunal (FTT) found that a tax agent’s lack of knowledge of Annual Tax on Enveloped Dwellings (ATED) law did not amount to a reasonable excuse for a return filed late.
In Hargreaves Property Holdings Limited v HMRC [2023] UKUT120, the Upper Tribunal confirmed that the restructuring of the group’s loans failed to alter the underlying nature of the loans, meaning £2.7m of withholding tax was payable.
HM Treasury has launched a new call for evidence on Non-Discretionary Tax-Advantaged Share Schemes which looks at Save As You Earn (SAYE) and Share Incentive Plan (SIP) schemes.
Hello
There is news that the EU is going to introduce a new €7 visitor fee, yet another thing to slow us down at its borders! It has got me wondering just how long it will be before a British government can't resist a similar measure. In terms of administration, surely all anyone needs is a secure QR code at the border?
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.
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.