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We have a diverse collection of news items for you this week. We pondered as to whether your average SME owner or adviser would be interested in 'Tonnage Tax'. At least one of us had seen this apply to a client of a small practice and we concluded that as this is something of a rarity: a new election to apply this tax, it was better to mention it than to stay silent on the matter.
HMRC is urging employees that they can claim for employment-related expenses directly from the Gov.uk website each year. Currently 70% of claimants are using repayment agents, who often take a hefty cut of any tax refund due.
The Institute of Chartered Accountants in England & Wales (ICAEW) is moving away from the Continuing Professional Development (CPD) 'output-based' model, where members self-assess their needs to complete an amount of CPD appropriate to their role, to a model which sets a minimum number of hours including a minimum number of hours that are 'verifiable' depending on your role as an accountant.
HMRC have released statistics showing an increase in the number and amount of investments made under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR) scheme.
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One of our case reports this week concerns a partially successful appeal against a clawback of an employer Coronavirus Job Retention Scheme (CJRS) payment. The First Tier Tribunal (FTT) accepted evidence of physical payment of wages after HMRC rejected what appeared to be a late claim due to a delay in PAYE payroll reporting.
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This week we have a new 2023-24 guide for Landlords, the ICAEW calls for a re-think on Making Tax Digital for Income Tax (MTD ITSA) and film scheme investors fail in their attempts to sue for negligence.
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