In McEnroe & Newman v HMRC [2023] UKUT 255, the Upper Tribunal (UT) refused the taxpayer's appeal on the basis that the First Tier Tribunal (FTT) had not erred in law in failing to interpret a Share Sale & Purchase Agreement (SPA) in a manner that reduced the consideration by over £1 million.
SME Tax News
The Economic Crime and Corporate Transparency Act, which gained Royal Assent last week, includes measures to help Companies House close loopholes on identity verification for all new and existing registered company directors and people with significant control, including overseas entities.
Missed our SME Tax Web-updates in October? Here is a summary of the month.
HMRC are changing their online advice pages and letters to clients on agent authorisation clarifying what agents can and cannot do when they are working via the Online Agent Authorisation system. They stress the need for clients to check their tax returns before allowing their agents to submit them on their behalf.
In Hart St Maltings Ltd v HMRC [2023] TC08961, the First Tier Tribunal (FTT) found that a property development company reporting under FRS 105 could not use the cash basis of accounting for Corporation Tax purposes.
Hello,
There is little in the way of tax news this week which is perhaps just as well following the disruption caused by Storm Babet last weekend. We do hope you are all safe and well and have not been badly affected by the floods.
The government has responded to two reports by the Treasury Committee, both of which focused on current tax reliefs. It believes a systematic review of all 1,180 plus tax reliefs is impractical and unwarranted, but did confirm its intention to extend the sunset clauses on the Venture Capital Trust (VCT) reliefs.
HMRC have commenced the outsourced development of a proof of concept for a new split payment system which could see the VAT element of online sales being paid directly to HMRC.
In Eva Mary Butler & Others v HMRC [2023] TC08949, the First Tier Tribunal (FTT) held that Business Property Relief (BPR) was not available for a business that rented out a barn for weddings. The level of services provided did not prevent the business from being wholly or mainly an investment business.
In Richard Monks v HMRC [2022] TC8957, the First Tier Tribunal (FTT) held that a Schedule 36 information notice had been correctly issued by HMRC but the preceding tax return enquiry was out of time.