HMRC is doing some work on its Making Tax Digital for VAT systems during office hours over the next few days. Check out the dates to avoid.
SME Tax News
In John Robinson v HMRC [2019] TC07286 the First Tier Tribunal (FTT) dismissed the claim that a payment to an aggrieved shareholder was compensation for personal wrong or injury and held that it was subject to Capital Gains Tax (CGT).
Following the recent undertaking by the Prime Minister for an independent review of the loan charge, the Chancellor has now commissioned Sir Amyas Morse to complete the review in advance of the 2018/19 tax return deadline.
The start-date for the introduction of the Construction Industry Scheme (CIS) VAT Reverse charge has been set back a year to 1 October 2020.
During Prime Minister's questions, prime minister Boris Johnson told MPs that he had 'undertaken to have a thoroughgoing review' of the Disguised Remuneration loan charge. The timing of any review hangs in the balance: it depends on the various outcomes of parliament's activities over the next few months and the PM's plans to call a general election.
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In this week's web-update: news on Making Tax Digital for Income tax as well as VAT, useful cases and much more.
In Paul Nowak v HMRC [2019] TC7307 an engineer's claim for travel expense was disallowed: he worked on different contracts not a single contract covering multiple different workplaces. A discovery assessment was allowed on the basis that his accountant had acted carelessly.
In The Quentin Skinner 2005 Settlements v HMRC [2019] TC7312 the FTT approved an Entrepreneurs relief claim on a sale of shares by a trust: the 1 year period did not have to be met by a qualifying beneficiary if they already met the personal company conditions for shares held personally.
In Andreas Rialas v HMRC [2019] TC07316 the FTT found the Transfer of Assets abroad rules did not apply to dividend income: Mr Rialas was not the transferor of shares acquired by his offshore family trust from his former business partner.
The Office of Tax Simplification is asking self employed taxpayers and residential landlords to complete two online surveys as part of its current project on simplifying tax reporting and payment arrangements for these taxpayers.