Blogs
UK financial reporting changes
The UK Accounting Standards Board (ASB) has now published financial reporting exposure drafts (FREDs) 46 to 48 setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland. These exposure drafts would significantly change the previous proposals in that they would: a) Eliminate the
Seed Enterprise Investment Scheme
This is a new venture capital scheme offering tax relief on investment and capital gains tax exemption on exit and will be available from 06 April 2012. Likely to be introduced in Finance Bill 2012, the relief may prove to be a more generous rate of relief than that offered
VAT: Flat Rate Scheme
Businesses need to account for VAT on each item of their sales and purchases. Broadly, if you have collected more VAT on your sales than what you have paid on your purchases you pay HMRC the difference, and HMRC pays you if you paid more. Obviously, this involves a lot
VAT and business entertainment
VAT and business entertainment Merlin Scientific LLP v HMRC (FTT – TC04441, 04 June 2015) This appeal by Merlin Scientific LLP (“MSL”), the appellant, basically, comprised two separate appeals against a) a VAT assessment raised by HMRC arguing that some of the input VAT claimed on corporate meeting costs was
No notice, no s.28C determination of tax
Alexander Revell v HMRC – TC4887 FTT 16 February 2016 Facts of the case After HMRC carried out a reconciliation of Mr Revell’s PAYE records from his various employers over a number of years HMRC detected an underpayment. Consequently HMRC sent out a self-assessment return for the year ended 5
HMRC system malfunction – reasonable excuse
Mrs V A Todd v HMRC, FTT TC04700 – 09 December 2015 Facts of the case: The appellant, upon receiving a notice from HMRC to file her tax return for the year 2013-14, appointed an accountant to file her tax return. The deadline for filing the paper return was 31
Child Tax Credit – ignorance of law no excuse!
Mrs Gaimin Nonyane v HMRC (FTT – TC05577) 30 December 2016 Facts of the case: The appellant earned income over £69,000 during the tax year 2013-14 when she had claimed and received child tax credit as well in the sum of £1055.60. She did not submit a tax return for
Applying the wrong PAYE code – employer NOT liable
Ridgecrest Cleaning Services Pendergate Ltd v HMRC: (FTT – TC05505 – 23 November 2016) This is an interesting case where an employer applying the wrong PAYE code meant that there was an underpayment of tax to HMRC. HMRC sought to recover the underpayment from the employer who then appealed against
HMRC guidance not law!
Mohammed Salem Kadhem v HMRC (FTT- TC05929 – 06 June 1977) HMRC have long been aggressively pursuing company directors to file their tax returns regardless of whether the director had any income from the company and had tax payable. This interesting clearly establishes that HMRC guidance is definitely not the
