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Those who put their money into nascent businesses can in certain circumstances claim tax credit under the Enterprise Investment Scheme (EIS). However, as one case showed, in order to qualify for such relief, investors must place their capital at genuine risk...
When selling your business, the structure of the transaction matters enormously and should always be the subject of professional advice. In a case on point, two women who sold their company for a seven-figure sum ended up with Capital Gains Tax (CGT) demands...
If you are facing a tax inquiry, a lawyer will advise you that there are a wide variety of sensible steps you can take. However, as was underlined by an Upper Tribunal (UT) ruling , repeatedly failing to comply with HM Revenue and Customs (HMRC) requests...
HM Revenue and Customs (HMRC) investigations can be a daunting and potentially very costly experience for any business. However, as a tax tribunal ruling showed, clear and comprehensive record-keeping is the best defence. The case concerned two traders in...
Only expenses that are incurred wholly and exclusively for the purposes of trade can be deducted from a business's tax liabilities. That threshold is, to say the least, a demanding one but, as a First-tier Tribunal (FTT) ruling showed, it is not...
Keeping proper tax records may be time consuming and laborious, but a failure to do so can have disastrous consequences in the event of a visit by an officer of HM Revenue and Customs (HMRC). A company found that out to its cost after failing to convince...
Tax evaders rarely understand the potential consequences of their wrongdoing. That was certainly so in the case of two cab drivers who underdeclared their earnings to the tax authorities and, in doing so, came perilously close to sacrificing any claim they...
When discerning whether an individual is an employee or a self-employed partner in a professional firm, judges look beyond the label attached to their engagement and focus on the reality of the relationship. A tax tribunal ruling provided a prime example of...
If you are on the receiving end of an adverse tax decision, any delay in seeking legal advice can be fatal to your cause. In a case on point, an importer of mobility scooters came dangerously close to losing its right of appeal against six-figure tax...
If your company is trading in default of its tax obligations, the corporate veil may very well afford you no protection against the financial consequences. The sole director and shareholder of a hotel management company that failed to register for VAT found...
