In Tamzin Eyre & Ors v HMRC [2025] TC09530, the First Tier Tribunal (FTT) found that a company intending to develop a property was not a ‘trading company’ for Entrepreneurs’ Relief (now Business Asset Disposal Relief) purposes. Its activities included, to a substantial extent, activities other than trading activities.
In Paul Hunt & Ors v HMRC [2025] TC09519, the First Tier Tribunal (FTT) disagreed with the taxpayers’ interpretation that £10 million received from cancelled shares in April 2015 was exempted from the Transactions in Securities (TiS) legislation.
HMRC report that their security systems have detected unauthorised access to some taxpayers’ online accounts, in an attempt to obtain money from HMRC. Around 100,000 individuals are affected, with £47m having been lost by HMRC. Guidance has been published for those impacted.
The main professional bodies have published ‘Topical guidance covering the application of professional standards to the provision of MTD for Income Tax services’. This aims to provide clarity on how Professional Conduct in Relation to Taxation (PCRT) will apply to Making Tax Digital for Income Tax.
Missed our SME Tax Updates in May? Here is a summary of the month.
Hello,
This week, we have news of incorrect SA302 tax calculations. We also take a look at a recent First Tier Tribunal (FTT) tax hearing, in which Artificial Intelligence (AI) played a part, but did not help the taxpayer’s appeal.
HMRC have published new advisory fuel rates for company car drivers that apply from 1 June 2025.
HMRC have released statistics showing an increase in the number and amount of investments made under the Seed Enterprise Investment Scheme (SEIS). The statistics also show decreases in Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) scheme investments.
In Anne Concepta Moran v HMRC [2025] TC09521, the First Tier Tribunal (FTT) found that a taxpayer was liable to Income Tax under the Transfer of Assets Abroad (ToAA) legislation due to her rent-free occupation of a house settled in an offshore trust by her late husband.
In Realbuzz Group Ltd v HMRC [2025] TC09502, the First Tier Tribunal (FTT) allowed an appeal against a discovery assessment raised in respect of a Research & Development (R&D) claim. At the end of the normal enquiry window, the hypothetical HMRC officer should reasonably have been aware of the excessive R&D claim, which resulted in an insufficiency in tax.
