In Southern Aerial Communications Ltd and Mr & Mrs Jones v HMRC [2015] UKFTT TC04692 the First Tier Tribunal (FTT) decided that there was a taxable benefit on cars taken out on HP by a company even though paid for by Mr & Mrs Jones’s partnership. The cars were provided by reason of their employment with the connected company.
SME Tax News
HMRC's Shares & Asset Valuation (SAV) is to withdraw some valuation check services. SAV says that its valuation resources are being severely stretched. It will withdraw its informal valuation check service for PAYE Health Checks and ITEPA Post Transaction Valuation Checks.
Whilst some commentators have dismissed Google’s £130m tax settlement covering the past ten years as derisory, some members of the ICAEW and CIOT have taken a different view.
MPs debated the online petition "Scrap plans forcing self employed & small business to do 4 tax returns yearly" earlier this week and the Financial Secretary to the Treasury, David Gauke provided more detail of the government's plans for digital reporting.
In Krishna Moorthy v HMRC [2016] UKUT 0013 TCC, the Upper Tribunal ruled that injury to feelings did not exempt a payment from being taxable as a termination payment within s401 ITEPA.
In Alexander Jubb v HMRC [2015] UKFTT TC04760 the First Tier Tribunal confirmed that cars available for the private use of a director and kept overnight at his residence were not pool cars.
From 1 February 2016 UK businesses who provide wholesale telecommunication services to other UK businesses will no longer account for VAT on the transaction. Instead, the customer must account for VAT using the reverse-charge procedure.
HMRC has been forced to withdraw thousands of APNs in respect of a contractor Isle of Man tax avoidance scheme.
HMRC's List 3 which lists the professional bodies and learned societies with tax-deductible fees, has been updated.
See: Employers > Employee expenses > Fees and subscriptions to professional bodies.
In HMRC v Smith & Williamson Corporate Services and Patrick Smiley UKUT [2015], a payment received by a new employee from a third party in respect of his client connections was held to be employment income and not a capital payment in respect of any transfer of goodwill.