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This week we have a mixed bag after another busy week. Following the end of the registration period for the disguised remuneration settlement opportunity it seems that HMRC are keeping this open for the time being and we have been receiving lots of queries about contractor loan schemes and EBTs.
HMRC have now extended the Making Tax Digital (MTD) pilot for income tax to landlords.
In Leekes Ltd v HMRC [2018] EWCA Civ 1185 the Court of Appeal agreed that corporation tax losses brought forward from a transferred trade could not be used against the future profits of the successors enlarged trade.
Registration for the disguised remuneration final settlement opportunity was due to end on 31 May 2018; HMRC have amended their guidance to remove this deadline, asking those interested in reaching a settlement to register ‘as soon as possible’.
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It's been a really busy week and it's not over yet, so I will not say much. Don't miss our new guides on What expenses can I claim? We look at Accountants and Hairdressers this time.
In Uppercut Films Limited v HMRC [2018] TC06465 and Cliftonville Consultancy Ltd v HMRC [2018] TC06464, the FTT decided letters of engagement and advice letters relating to a tax avoidance scheme were reasonably required by HMRC under a Schedule 36 Notice.
In S Bolland v HMRC [2018] TC6490 the First Tier Tribunal allowed a late appeal against Schedule 36 Information notice penalties but not to tax determinations, the penalties were sent to the wrong address.
The Office of Tax Simplification (OTS) has opened its first broad review of the taxation of savings and investment income, ‘Savings Income: routes to simplification.’
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This time we have news on IR35 and Personal Service Companies, GDPR and much more.
In Jerome Anderson v HMRC [2018] UKUT 0159 (TCC) the Upper tribunal upheld the FTT’s decision to disallow relief for the losses of a football academy run by an agent: it was not run on a commercial basis with a view to a realistic expectation of profit.