In 39 Fitzjohn's Avenue Limited v HMRC [2024] TC9021, the First Tier Tribunal (FTT) found that a London property which had a railway tunnel vent in its garden and workshop in its basement was a dwelling and not a mixed-use property for Stamp Duty Land Tax purposes.
SME Tax News
HMRC have announced a package of measures intended to simplify and modernise the tax system. These include mandating the payrolling of Benefits In Kind, from April 2026, and allowing parents who do not claim Child Benefit to obtain a National Insurance credit.
In Mr James Keighley (1) Primeur Limited v HMRC [2024] TC9023, the First Tier Tribunal (FTT) found that a director’s personal use of his company’s credit card resulted in six years worth of tax assessments and penalties. Worse still, a write-off of an intercompany loan was ruled to have a disallowable purpose.
Ever purchased an item at a nice low price online from what appears to be a UK address, only to find that it’s shipped from abroad? That bargain purchase may be because the seller is ignoring UK VAT rules.
Actor Arnold Schwarzenegger found his travel plans temporarily terminated when he was detained at Munich Airport for allegedly avoiding tax payable on a luxury watch. He was on his way to Austria to auction the custom-made Audemars Piguet watch for charity.
In The Trustees of the Peter Buckley Settlement v HMRC [2024] TC09022, the First Tier Tribunal (FTT) found that Capital Gains Tax (CGT) Entrepreneurs’ Relief was not available on a trust’s share disposal. The company was not the qualifying beneficiary’s 'personal company' for the required period.
The House of Commons Library has published 'Tax Statistics: an overview' using research from several resources. The report shows that for 2022/23 UK government revenues were £1,027 billion, equivalent to 40% of GDP, with Income Tax, National Insurance Contributions (NICs) and Value Added Tax (VAT) contributing around three-fifths of all revenues.
HMRC has launched a consultation ‘Tax Simplification for Alternative Finance’. This explores proposals to address the difference in Capital Gains Tax (CGT) treatment when property is refinanced using alternative, rather than conventional, finance methods.
In Bandstream Media and Corporate Communications Limited v HMRC [2024] TC09016, the First Tier Tribunal (FTT) found that an employer could not base its Coronavirus Job Retention Scheme (CJRS) claims on a salary which was increased after 19 March 2020, and in lieu of dividends.
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The ITV drama 'Mr Bates v the Post Office' has been gripping the nation and causing more than a stir in the press. More details will emerge on the Post Office's and Fujitsu's failed accounting and computer systems as the government’s inquiry re-opens. We have every sympathy for victims of the Post Office and its Horizon computer system.