In Ian Branagan v HMRC TC04188 the First Tier Tax tribunal (FTT) denied income tax share loss relief in respect of a negligible value claim: the company was not a qualifying trading company at the relevant time. In dismissing the taxpayer's appeal the FTT had to determine what was meant by "relevant time".
SME Tax News
HMRC is encouraging taxpayers to tweet their tax inquiries because its telephone services cannot cope with calls. According to the press the move has been ridiculed by some MPs and their are significant issues in respect of taxpayer confidentiality which have not been addressed.
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Next year’s Budget will take place on Wednesday 18 March 2015. See Autumn Statement highlights for a list of key proposals to be included in the 2015 Finance Act.
Entrepreneurs' Relief: a review of the changes made by Finance (No.2) Act to rules on incorporation, anti-avoidance measures and alternatives.
The department of Business Innovation and Skills (BIS) has commenced a new consultation on the use of corporate directors by UK companies and is also considering how its review of the use of corporate members of LLPs should progress.
In HMRC v Donaldson [2014] UKUT 0536 (TCC), the Upper Tax tribunal (UT) confirmed that HMRC had correctly imposed daily late filing penalties under para 4(1)(c) schedule 55 FA 2009. The case has been appealed by the taxpayer.
Autumn Statement 2014: surprise announcements on restriction of Entrepreneurs' Relief on incorporation and new Stamp Duty Banding. Subscribers, please see your detailed version: Finance Bill 2015 tax update and rolling planner
The Government's has approved proposals for the Direct Recovery of Debts from taxpayer's bank accounts however following consultation has created the following safeguards to the measures which will be included in the 2015 Finance Bill.
Instead of requesting a cash repayment of overpaid tax credits HMRC will where circumstances permit now reduce current tax credits awards in order to repay outstanding debts from previous claims. Depending on a person's circumstances, outstanding overpayment(s) may be from one or more previous awards.