Arctic Systems lost its landmark ‘husband and wife’ tax case at the High Court this morning.
Mr Justice Park ruled in favour of the Revenue in a decision that could cost small family-owned businesses nationally up to £1bn, accountants say.
The case concerns the tax treatment of dividends paid to spouses in family-owned businesses. It affects the rate at which dividends paid to a lower-earning spouse should be taxed at; at their own marginal rate or at the rate of the main earner.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars