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SME Tax News

Ross Martin Tax: SME Tax Update 12 June 2025

Last Updated: 12 June 2025

Hello, 

The Chancellor, Rachel Reeves, presented her Spending Review to Parliament on Wednesday. Investment of £1.7bn in HMRC over four years was confirmed, to fund an additional 5,500 compliance and 2,400 debt management staff. This is anticipated to raise £7.5bn a year in extra tax by 2029-30.

SME tax news 16

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Treasury's tax policy making principles

Last Updated: 12 June 2025

HM Treasury has published 'Tax Policy Making Principles'. This outlines the Government's approach to the delivery of tax policy changes via a single annual Budget. It details how the Government will engage with stakeholders as tax policy develops, and confirms 'Legislation Day' (L-Day) can be expected in the summer.

Business tax roadmap

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HMRC's handling of phishing incident 'unacceptable'

Last Updated: 12 June 2025

HMRC's chief executive, John-Paul Marks, has received a harshly worded letter from the Treasury Committee over the failure to inform it of the latest data breach before a meeting last week. It called into question HMRC's assertions that representative bodies had been informed of the incident.

Fishing expedition

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Government feedback on taxation of 'carried interest'

Last Updated: 12 June 2025

HMRC have published 'The tax treatment of Carried Interest - Government response and policy update (June 2025)'. This includes feedback to the consultation published in October 2024, which explored possible amendments to the qualifying conditions for carried interest. Two key proposals have been dropped.

Offices and trees

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Ross Martin Tax: SME Tax Update 5 June 2025

Last Updated: 05 June 2025

Hello, 

As is well known, Making Tax Digital (MTD) for Income Tax (IT) becomes mandatory from 6 April 2026 for those with a combined annual gross income from self-employment and property letting that exceeds £50,000.

SME tax news 14

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Unauthorised access of HMRC online accounts

Last Updated: 05 June 2025

HMRC report that their security systems have detected unauthorised access to some taxpayers’ online accounts, in an attempt to obtain money from HMRC. Around 100,000 individuals are affected, with £47m having been lost by HMRC. Guidance has been published for those impacted. 

IT worker

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Income from jointly owned property taxable on one owner

Last Updated: 12 June 2025

In Alison Moss v HMRC [2025] TC09535, the First Tier Tribunal (FTT) found that an individual was solely taxable on income from a property owned jointly between her, and her estranged husband. The former husband was not in receipt of, or entitled to, the income.

House with garage

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Failure to claim Multiple Dwellings Relief a 'mistake'

Last Updated: 11 June 2025

In L-L-O Contracting Ltd & Ors v HMRC [2025] UKUTT 00127, the Upper Tribunal (UT) agreed with a previous ruling that the failure to claim Multiple Dwellings Relief (MDR) by the statutory deadline was a 'mistake'.

For sale sign

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New guidance on MTD and professional standards

Last Updated: 10 June 2025

The main professional bodies have published ‘Topical guidance covering the application of professional standards to the provision of MTD for Income Tax services’. This aims to provide clarity on how Professional Conduct in Relation to Taxation (PCRT) will apply to Making Tax Digital for Income Tax.

Office worker

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Capital reduction not exempt from TiS rules

Last Updated: 05 June 2025

In Paul Hunt & Ors v HMRC [2025] TC09519, the First Tier Tribunal (FTT) disagreed with the taxpayers’ interpretation that £10 million received from cancelled shares in April 2015 was exempted from the Transactions in Securities (TiS) legislation.

Directors 5

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  1. SME Tax Monthly Summary May 2025
  2. Ross Martin Tax: SME Tax Update 29 May 2025
  3. Increase in SEIS investments but decreases in other investor reliefs
  4. No trade, no Entrepreneurs’ Relief
  5. HMRC issuing incorrect SA302 calculations
  6. AI fails to help taxpayer in HICBC appeal

Subcategories

Archived SME tax news Article Count:  336

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What's new?

  • Ross Martin Tax: SME Tax Update 12 June 2025
  • Treasury's tax policy making principles
  • Income from jointly owned property taxable on one owner
  • Government feedback on taxation of 'carried interest'
  • HMRC's handling of phishing incident 'unacceptable'
  • Strictly Ballroom means standard-rated for VAT
  • Failure to claim Multiple Dwellings Relief a 'mistake'
  • Ross Martin Tax: SME Tax Update 5 June 2025
  • No trade, no Entrepreneurs’ Relief
  • Capital reduction not exempt from TiS rules
  • Walkers ‘Sensations Poppadoms’ standard-rated for VAT
  • Unauthorised access of HMRC online accounts
  • New guidance on MTD and professional standards
  • Supercar driving experiences qualified for VAT reduced rating
  • SME Tax Monthly Summary May 2025
  • Ross Martin Tax: SME Tax Update 29 May 2025
  • Advisory fuel rates from 1 June 2025
  • Increase in SEIS investments but decreases in other investor reliefs
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