At the eleventh hour, the Inland Revenue has withdrawn the 'retrospective determination' or amount taxable for the past five years in the landmark 660A case between the regulator and IT consultant Geoff Jones.
Link: Husband and wife tax case underway today
According to a Professional Contractors Group spokeswoman, the Revenue will now only be investigating one year’s back-tax. She said: ‘The Revenue has not explained why it has done this but this changes the case substantially.
‘It means that the Jones’s tax bill could be a lot lower than previously estimated. Obviously you have to remember that this is a test case and could set a precedent, however, I expect it won’t.’
Arctic Systems, run by Geoff Jones and his wife Diana, case came to public attention after it was hit by unexpected demands for six years back-tax on dividends amounting to £42,000 they had taken from their business.
The case is expected to come to a conclusion either on Tuesday or Wednesday, while a written judgement will be announced at a later date.
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleAs the £25bn fiscal 'black hole' forces Chancellor Rachel Reeves to eye major tax hikes, this analysis arms accountants with the essential strategic f...
View articleUK landowners face both opportunity and risk when shifting land from agriculture to development. In this article, Naomi Stewart, Head of Tax at Shaw G...
View articleMaking Tax Digital for Income Tax will reshape reporting from April 2026. Here’s what accountants need to know: thresholds, deadlines, and preparation...
View articleHM Revenue and Customs (HMRC) will send 1.4 million letters in the coming months to alert UK taxpayers about unpaid income tax as part of its annual c...
View articleHMRC sees the profit or loss made on buying and selling of exchange tokens as within the charge to Capital Gains Tax (CGT). Read More...
View articleThe recent IR35 case involving former Liverpool footballer and Sky Sports presenter, Phil Thompson, has drawn attention to the complexities and implic...
View articleFrom January 1, 2024, HMRC will implement new tax rules affecting individuals who sell items on platforms like Etsy, Depop, and Vinted. The new regula...
View articleHMRC reveal a small majority of people are soldiering a significant proportion of income and capital gains tax, following FOI request. Data has reigni...
View article