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SME Tax News

Fragmented consideration could not create tax losses

Last Updated: 07 January 2026

In Timothy Watts v HMRC [2025] EWCA Civ 1615, the Court of Appeal (CoA) found that Income Tax relief for losses on gilt strips was confined to real economic losses, and could not be generated by fragmenting consideration within a pre-planned avoidance scheme. 

Share_dealing_price_screen

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APR and BPR relief cap increases from £1m to £2.5m

Last Updated: 06 January 2026

The government has announced that the proposed cap to the 100% rates of Agricultural Property Relief (APR) and Business Property Relief (BPR), which is due to apply from 6 April 2026, will be increased to £2.5 million from the £1 million previously announced. 

Farmer tractor

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2026 Spring Forecast date announced

Last Updated: 08 January 2026

The Chancellor, Rachel Reeves, has asked the Office for Budget Responsibility (OBR) to prepare an economic and fiscal forecast for publication on 3 March 2026, the date of the 2026 Spring Forecast.

Path through bluebells

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Ross Martin Tax: SME Tax Update 18 December 2025

Last Updated: 06 January 2026

Hello,

In our last update of 2025, we report on an important but little-known 31 December 2025 registration deadline for some trusts and other entities, the December Employer Bulletin, VAT in the context of rotisserie chickens, and Inheritance Tax on Income Tax repayments due to an estate. 

Christmas SME tax news banner

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New trust registration deadline: 31 December 2025

Last Updated: 17 December 2025

Changes made to the Automatic Exchange of Information (AEOI) regulations earlier this year mean that trusts and other entities considered to be a reporting Financial Institution or a Trustee Documented Trust are required to register with HMRC by 31 December 2025, even if they have no non-UK connections to report. 

Inheritance white grandparent

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Income Tax repayment due was subject to IHT

Last Updated: 16 December 2025

In Richard Thomas (as executor) v HMRC [2025] TC09716, the First Tier Tribunal (FTT) found that an Income Tax repayment formed part of a deceased taxpayer’s estate for Inheritance Tax (IHT) purposes.

Iht

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Employer Bulletin: December 2025

Last Updated: 18 December 2025

HMRC have published their Employer Bulletin for December 2025. We have summarised the key content for you, which links to our detailed guidance on the topics covered.

employer bulletin

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Ross Martin Tax: SME Tax Update 11 December 2025

Last Updated: 11 December 2025

Hello,

Last Thursday saw the publication of the 2025-26 Finance Bill, which, when passed, will legislate proposals such as the reform of Inheritance Tax and, from next May, the mandatory registration of tax advisers with HMRC.

SME tax news

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Response to electronic invoicing consultation

Last Updated: 10 December 2025

HMRC and the Department for Business and Trade have released their consultation outcome, 'Promoting electronic invoicing across UK businesses and the public sector'. As a result of the consultation, the government is introducing mandatory electronic invoicing for all VAT invoices from 2029. 

Electronic till

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Consultation outcome on taxation of decentralised finance, lending and staking of cryptoassets

Last Updated: 10 December 2025

HMRC have released the outcome of their consultation on 'The taxation of decentralised finance (DeFi) involving the lending and staking of cryptoassets'. HMRC are considering deferring gains on certain DeFi lending and staking transactions until an economic disposal of the cryptoasset is made. 

Cryptoassets

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Subcategories

Archived SME tax news Article Count:  336

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