Yet another film scheme fails to obtain loss relief. The Upper Tier Tribunal (UTT) has, in Patrick Degorce v HMRC [2015] UKUT 0447, upheld the decision by the First Tier Tribunal (FTT) that an loss incurred on a film investment by the taxpayer was not allowable to relieve general income, because there was no underlying trade.
SME Tax News
The National Minimum Wage increases to £6.70 on 1 October 2015.
In Chapter Trading Ltd v HMRC [2015] TC04626, an employer was held liable for PAYE failure: its software failed to deduct any tax from an employee's wages and the employer did not investigate the issue.
In Mark Carey v HMRC [2015] TC04634, the taxpayer successfully claimed share loss relief after HMRC had doubted his intentions over residency.
Don't forget the ATED Return Deadline: returns for properties falling within the new £1 million to £2 million band are due by 1 October 2015
In PML Accounting Limited v HMRC [2015] TC04612 the First Tier Tribunal (FTT) upheld the company's appeal against penalties issued for failure to comply with a Schedule 36 information notice on the grounds that it was invalid. The notice did not relate to the tax position of the company but to the tax position of its clients.
Hello,
This week we have a mini update on Scottish Taxes together with a couple of topical case reviews. We will be back next week with our usual web-update mix of news, case reviews and practical guides.
In Patel v HMRC [2015] TC04617, the first tier tribunal (FTT) ordered HMRC to suspend penalties for careless inaccuracy on condition that he engaged a qualified accountant or adviser.
Car manufacturer Volkswagen (VW) has admitted that it has "totally screwed up" having been caught rigging emissions tests on diesel vehicles in the US. Whilst the company's share price has dropped over night and there could be tax implications for business car owners and company car drivers.
In Julian Blackwell v HMRC [2017] EWCA the Court of Appeal upheld the decision of the the Upper Tier Tribunal (UTT) in concluding that a payment of £17.5 million claimed as a deduction from consideration received on a disposal of shares was not enhancement expenditure.