In Mas Fabrics Hong Kong Limited v HMRC [2021] TC08097, the First Tier Tribunal (FTT) dismissed an appeal against penalties following the removal of an incorrect relief claim. The taxpayer had not taken reasonable care despite obtaining professional advice.
SME Tax News
In Brandbros Limited v HMRC [2021] TC08126, the First Tier Tribunal (FTT) denied an SDLT refund claimed on the basis that a lease of a garage, purchased as part of a residential property transaction and entered into on the date of completion, rendered the transaction subject to lower non-residential rates of Stamp Duty Land Tax (SDLT).
In Roger Whitlock v HMRC [2021] TC08136, the First Tier Tribunal (FTT) held that the appellant had clearly under-declared income from his sole trader business in 2015/16. The fact that the pattern was repeated allowed 'the presumption of continuity' that enabled discovery assessments to be raised for the previous five years.
As for previous years, many taxpayers will be unable to file their Self Assessment returns for the year ended 5 April 2021 online due to software specification issues from HMRC.
The Office of Tax Simplification (OTS) has issued a policy paper ‘Potential for moving the end of the tax year - Scoping document’. It offers two options to replace 5 April as the end of the tax year, 31 March or 31 December.
Hello,
This week we take a closer look at the criteria for the sign up to the Making Tax Digital (MTD) for Income Tax pilot, we summarise details of the fifth Self-Employment Income Support Scheme (SEISS) grant and we report on some bad news for people with unsettled disguised remuneration loans.
In Anthony Outram & Ross Outram v HMRC [2021] TC8107, the First Tier Tribunal (FTT) dismissed appeals against discovery assessments relating to a tax avoidance trading loss scheme. The taxpayers were not trading, deliberately filed inaccurate returns and the discovery assessments were valid.
In Golamreza Qolaminejite (aka Anthony Cooper) v HMRC [2021] UKUT 0118, the Upper Tribunal (UT) found the FTT had not considered all the relevant evidence in determining that unexplained receipts were subject to tax as business income. It also concluded that the FTT had considered a contract appropriately and that an input VAT claim was blocked as there was no evidence of a supply being made.
Recent reports suggest that some Disguised Remuneration scheme and Contractor loans are being called in for repayment following changes to the lenders. Taxpayers affected are advised to seek specialist advice before agreeing to repay their loans.
HMRC have published a policy paper giving details of the fifth Self-Employment Income Support Scheme (SEISS) grant which will be available from late July 2021.