In Derek Storey v HMRC [2021] TC08090, the First Tier Tribunal (FTT) denied the taxpayer’s claims to deduct employment-related expenses owing to a lack of evidence to support them.
SME Tax News
In Nael Khatoun v HMRC [2021] TC08085, the First Tier Tribunal (FTT) found that the purchase of a residential property with access to a communal garden was subject to residential rates of Stamp Duty Land Tax (SDLT) and not mixed-use rates.
The Department for Environment, Food and Rural Affairs (DEFRA) has published a consultation entitled 'Direct Payments to farmers: Lump sum exit scheme and delinked payments in England'.
HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.
Hello
The Supreme Court published its decision in the Tooth discovery case this week. The key issue in the case was whether the act of putting the right figures in the wrong place of a tax return could be regarded as making a deliberate error. Making a deliberate error potentially exposes a taxpayer to a 20-year assessment window.
HMRC have issued their Agent Update for May 2021. We have summarised the key content for you with links to our detailed guidance on the topics covered.
The 'Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill' will give the Insolvency Service new powers to investigate directors of companies that have been dissolved. The aim will be to prevent directors from dissolving their companies to avoid creditors.
In Stephen Mullens v HMRC [2021] TC8112, the First Tier Tribunal (FTT) upheld discovery assessments charging income tax on £40m of payments omitted from a lawyer's tax returns. The taxpayer claimed these were gifts from his wealthy client.
HMRC have published an open consultation 'Draft regulations: DOTAS, DASVOIT and POTAS regimes', requesting industry views on the proposed rule changes. The Finance Bill 2021 will, when passed, enable HMRC to act decisively where promoters fail to disclose avoidance schemes at an early stage.
Gains arising from UK residential property must be reported using HMRC's online reporting system. The system is new and experiencing service issues.