Hello
A new government consultation considers the merits of increased tax incentives, particularly extending the Benefit in Kind (BiK) exemption for medical benefits. We have a new Agent Update and our tax cases cover sales suppression by a prolific puppy breeder and a successful input VAT claim on a fund raising share sale. It's getting to the end of another busy week.
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Legislation Day, or L Day, was last Tuesday. This is the day that the government publishes draft legislation for the next Finance Act. At first glance it all looked quite dull, but that changed upon closer inspection.
Finance (No 2) Act 2023 was given Royal Assent on 11 July 2023. To date, the Act itself has not been published by the government.
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Is it time to reform the tax rules on employee expenses? There are some very harsh rules that determine whether an employee can obtain tax relief for the costs expended for the purposes of an employment.
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Tax-geared news of the sort that we think you might want to know about is quite thin on the ground this week. It's 'the calm before the storm', as 'L-day' (Legislation Day) is on the 18th July. This is the day when the government will unfurl (in the digital sense) the new draft finance bill for 2023. In the meantime, we have been updating our website and devising new tax workshops for you.
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Keeping up with your tax compliance obligations can seem akin to trying to learn to drive a high-speed bulldozer. While it's relatively easy to get started, steering in the right direction can be tricky and you are likely to crash if you take your eye off the road!
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