In Forest Commercial Services Ltd v HMRC [2020] TC7944 a company narrowly escaped a £20k tax penalty when it inaccurately claimed relief from the Stamp Duty Land Tax (SDLT) 15% higher rate charge on a dwelling it developed that was subsequently occupied by its owners.
SME Tax News
Hello
Following a week of insolvencies, we review a couple of cases where the directors of failed companies have found themselves under attack by insolvency professionals. We have also made a handy summary of HMRC's Covid-19 compliance concessions.
In the Official Receiver V Camila Batmanghelidjh & others [2020] EWHC 2839 (Ch), the Official Receiver (OR) has been barred from making certain allegations of impropriety against the board of the Kids Company and its trustees. The OR should have raised these matters sooner.
In Prime Aesthetics Limited v The Welsh Revenue Authority [2020] TC07948, the First Tier Tribunal (FTT) dismissed an appeal against a late payment of Land Transaction Tax (LTT). Late payment was not attributable to COVID-19 as claimed.
In Swanage Sea Rowing Club (SSRC) v HMRC [2020] (TC07904), the First Tier Tribunal (FTT) decided that a boathouse constructed by a charity was not intended for a ‘relevant charitable purpose’.
Missed our SME Tax Web-updates in November? Here is a summary of the month.
Hello
The Chancellor gave his Spending Review this week. The UK's borrowing is heading towards 100% of Gross Domestic Product (GDP). It sounds as if taxes may well be going up. Although not for a year or two.
In Kamran Qurban v HMRC [2020] TC07935, appeals against late filing penalties for five tax returns were partly successful. Of the three different accountants engaged by the taxpayer over the five year period, only the death of one was found to be reasonable excuse.
The Chancellor, Rishi Sunak has made his Autumn 2020 spending review today. The UK's spending on the Coronavirus has reached £280bn to date.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 December 2020. Most remain unchanged from the rates applicable for the previous three months.