In Richard Lee & Nigel Bunter v HMRC [2019] TC07269 the First-Tier tribunal confirmed that time apportionment is a just and reasonable basis to apportion a capital gain between business and non-business assets.
SME Tax News
In Bruce Cawdron v HMRC [2019] TC07295 the FTT held payments to a GP were his remuneration and not compensation to his personal company for the time he spent working elsewhere.
In HMRC v NCL Investments Limited, Smith & Williamson Corporate Services Limited v HMRC [2019] UKUTT0111 the Upper Tribunal confirmed that the grant of share options by an employee benefit trust was deductible as a trading expenses under IFRS2.
Hello
We have another fun-packed web-update this week. Some good cases: capital allowances, company cars and EBT discovery. There is also the Employer and Agent update and our ideas for tax simplification.
We are looking for tax writers and advisers who are keen on a great work/life balance, are reliable and have practical experience in working in SME tax.
The new chancellor Sajid Javid has said that he will simplify the tax system in his first budget. Yes, Minister! We have all heard all this before and there is even an Office of Tax Simplification to prove it.
The paradox for all chancellors in the task of simplifications is that it will result in some losers and not just winners and no chancellor will want to risk unpopularity.
In Aegis Vision Limited and Sanjay Agarwal [2019] TC7038 the provision of a chauffeur and car was a taxable benefit despite some efforts to ensure that the chauffeur was self employed and providing car services in that capacity.
In Cheshire Cavity Storage 1 Limited -and- EDF Energy (Gas Storage Hole House) Limited v HMRC [2019] TC07301 the FTT dismissed claims to capital allowances on underground gas storage cavities. They were not plant and machinery.
HMRC have published their Employer Bulletin for August 2019. We summarise the key content for you, with links to our detailed guidance on the topics covered.
In Stephen Hoey v HMRC [2019] TC07292, the First Tier Tribunal (FTT) held that discovery assessments on EBT loans that had been disclosed by the taxpayer were valid and HMRC could decide to transfer the tax due from the employer to the employee.