HMRC have announced that they are extending the deadline for the new online trust registration service again.
SME Tax News
In Tony Michael Jimenez v FTT and HMRC [2017] EWHC 2585 the High Court found on judicial review that a Schedule 36 information notice has territorial limits; it could not be issued to a non-resident taxpayer and should be quashed. This decision was overturned by the Court of Appeal.
HMRC have announced that from 1 November 2017 they will no longer be accepting forms CT600 where the attached accounts or tax computations are not in iXBRL format.
In Big Bad Wolff Limited v HMRC [2017] TC06143, the First Tier Tribunal (FTT) considered the interaction of IR35 and the special rules for actors prior to 6 April 2014.
In Patsy-Anne Saunders v HMRC [2017] TC6173: an appeal against penalties for late filing of a Non-Resident's CGT return upheld on the basis that ignorance of this piece of tax law is a reasonable excuse.
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The top story this week has to be that the Supreme Court has saved the taxpayer £17billion. The other exciting thing is that we have a Directors' Tax Update special for you.
Government statistics have revealed the number of companies and amount of funding raised under EIS, SEIS and through Social Investment Tax Relief.
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We are rather top heavy on cases this time, however they are all freeview, so read on. One that really caught my eye is Power Adhesives. The High Court applied 'the Hastings Bass principle' (that allows the correction of a fiduciary's mistake) to a company's board's decision to allow a director's loan to be converted into shares.