In Jacqueline Potter and Neil Potter v HMRC [2019] TC7348 the First Tier tribunal allowed a claim for Entrepreneurs relief where the business had not raised an invoice for 5 years; its activities were directed at reviving the trade so its non-trading activities were not 'substantial'.
SME Tax News
In Urenco Chemplants Ltd and Urenco UK Limited v HMRC [2019] TC7318 expenditure on the cost of constructing a tails management facility at a nuclear site was found to be structural and did not qualify for plant and machinery capital allowances.
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In this time's web-update we look at the latest statistics on Making VAT Digital, we review HMRC's Brexit guide, and also take a close look at HMRC's powers to obtain information.
In Roulette V2 Charters LLP v HMRC [2019] TC07331 the First Tier tribunal refused sideways loss relief for a yacht charter business: the possibility that the business would make a profit was remote and initial profit expectations were wildly wrong.
According to HMRC's latest statistics on Making Tax Digital for VAT less than half of all VAT registered business have so far signed up for Making Tax Digital for VAT. At least a third (and maybe many more) of those who are supposed to be in the new system have not signed up or signed up and failed to file.
HMRC have issued a Brexit Special version of their regular Agent Update. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Jupiter Online Limited v HMRC[2019] TC7281 the FTT confirmed that HMRC may use an information notice to check how a company operates when checking its tax position.
In Mr and Mrs PQ v HMRC [2019] TC7199 the FTT decided that HMRC was able to issue a third party information notice to non-UK residents.
In Havannah Quay Land Limited v HMRC [2019] TC7177 the FTT varied an information notice issued by HMRC to exclude a broadly drafted request for correspondence.
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We are taking a closer look at some recent tribunal decisions affecting companies and their owners this week. We also have yet more updates on the Loan Charge and more VAT announcements.