Footballer Baye Oumar Niasse's appeal for a deduction of fees paid to his agent failed at the First Tier Tribunal (FTT). The fees were not deductible under the general employee expense rule nor the special rules for entertainers.
Change to reporting of salary advances
The reporting requirements for employers providing salary advances to employees will change from 6 April 2024.
Nichola's SME Tax W-update 7 March 2024
Hello,
Our main news this week of course centres on the Spring Budget. We also review HMRC's new views on tax relief for training costs. Our cases feature the first ever appeal against the withdrawal of COVID-19 'Eat Out to Help Out Scheme', whether property was a trade or investment for Business Asset Disposal Relief (BADR), and the tribunal had to sample Nakd and Organix bars. Hopefully not stale ones this time!
Spring Budget 2024: At a glance
The Chancellor used the 2024 Spring Budget to announce some wide-ranging reforms with a couple of tax cuts and new relief across a range of different taxes.
Our highlights of the announcements include:
- A 2% reduction in the rate of National Insurance Contributions.
- A 4% reduction in Capital Gains Tax for higher rate taxpayers disposing of residential property.
- The abolition of the Furnished Holiday Lettings regime.
- Reform of non-domicile taxation.
- The VAT threshold will also rise by £5,000.
Nichola's SME Tax W-update 29 February 2024
Hello,
February has been an extremely busy month and this is reflected in the content of this week's Web-update. We are taking a look at HMRC's latest Agent Update and Employer Bulletin, having a speed-read-refresher on the key measures in the new Finance Act, there are a couple of new consultations from HMRC on administration and powers and, of course, we have reviewed some interesting cases, including two from the Upper Tribunal (UT).
Nichola's SME Tax W-update 22 February 2024
Hello
They say that a week is a long time in politics; the same is sometimes true in tax! HMRC’s plan to change the classification of double cab pick-ups for employment benefit and Capital Allowance purposes back-fired over the weekend, due to pressure from industry lobby groups. This led to a reversal in policy (a U-turn!). The result is that double cab pick-ups remain vans and are not cars.
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