In CHF PIP! Plc v HMRC [2021] TC08305, the First Tier Tribunal (FTT) found that a company's issue of shares to investors did not qualify for EIS relief. Despite the company trading, that trade was not undertaken on a commercial basis with a view to profit.
SME Tax News
In William Lawson v HMRC [2021] TC08298, the First Tier Tribunal (FTT) dismissed an appeal against a Schedule 36 information notice. The information requested was reasonably required to check Mr Lawson’s tax position as HMRC had reason to think he may have underdeclared his income.
In Shane de Silva v HMRC [2021] UKUT 0275, the Upper Tier Tribunal refused to allow a late tax appeal. The taxpayer persistently failed to explain the reasons behind a period of delay of between 551 and 1338 days.
The Department for Work and Pensions (DWP) has announced that a £100 de minimis threshold will be introduced in April 2022 meaning that pension providers will no longer be able to charge a flat fee to all pension savers.
Hello,
This week we review the new consultation documents on corporate re-domiciliation and change of basis periods, we have warnings that 'cuckoos' are using accountants' office addresses for company registration, and there are signs that HMRC has been using its data-gathering powers to trawl cryptocurrency exchanges for details of customers with a large transaction history.
The government has published a consultation, 'Corporate Re-domiciliation', it explores whether it needs to intervene to make it easier for foreign-incorporated companies to change their place of incorporation if they wish to relocate to the UK.
In The Executors of David Harrison (deceased) & Anor v HMRC [2021] UKUT 0273, the Upper Tribunal (UT) dismissed an appeal against HMRC's refusal to accept a late notification of Fixed Protection 2012 for pension purposes. The UT found that the First Tier Tribunal (FTT) did not have jurisdiction to consider HMRC’s exercise of discretion.
Company owners can now inform HMRC that their company's are dormant for Corporation Tax purposes through their online service.
In Little Piece of Paradise Limited v HMRC [2021] TC08300, the First Tier Tribunal (FTT) found that Sky Sports presenter Dave Clark was a deemed employee for the purposes of IR35 and his SKY TV contract with a subsequent PAYE and Class 1 NICs liability of over £280,000.
HMRC have updated the 'Property Income Manual PIM4110' to provide further COVID-19 related guidance on meeting the Furnished Holiday Letting (FHL) conditions in 2020-21.