After the announcement that the loan charge review report is not expected until after the general election, HMRC have issued more guidance on how taxpayers in the process of reaching a settlement should deal with it in their 2018/19 tax returns.
SME Tax News
In Mr Steven Flashman v HMRC [2019] TC7419, the First Tier Tribunal found that a loss on a Loan to a trader was not allowable. There was no evidence that a loan ever existed.
Following the scrapping of this year’s main budget statement due to the general election, the two main parties have both stated their intention to hold the next budget in February 2020.
In Oriel Developments Ltd v HMRC [2019] TC7306, the First Tier Tribunal allowed an appeal despite an invalid Rollover Relief claim. The discovery assessment raised was stale so was not valid.
As we begin the count down to Christmas, this is the second gift from our Festive Selection Box of different tax reliefs and exemptions.
HMRC have issued the Agent Update for December 2019/January 2020. We have summarised the key content for you with links to our detailed guidance on the topics covered.
Hello
This week we 'tear the wrapper off' our Christmas Selection Box. With not a chocolate in sight and full of tax 'hacks', we hope that our box of goodies will save you pounds rather than piling them on.
We are celebrating this festive time of year with a Christmas Selection Box of different tax reliefs and exemptions. As it is the time for giving and sharing, we hope that our "Box" will save you pounds rather than adding them!
In Teksolutions-Inc v HMRC [2019] TC7456 a company's Research & Development claim was rejected in full: the company failed to prove that it had incurred any of the expenses claimed.
In RALC Consulting v HMRC [2019] TC7474 the First Tier Tribunal found that IR35 did not apply to an IT contractor; there was no mutuality of obligation, or real control.