This year, as generally happens, the chancellor chose to leave out the majority of the new tax measures that affect SMEs from his spoken Autumn Statement. The result was that like bargain hunters in a TK Maxx store we were all left rummaging around pages of unwanted material until we found things that interested us. We have gathered together our finds for you this week.

The highlights of the speech were the government's climbdown on tax credits and the increased SDLT rate for buy-to-lets and second home purchases. Of interest from the published documents are that the micro-employer's reporting relaxation for RTI will not become permanent, as some had hoped, and that not all personal service companies will lose tax relief for their travel and subsistence costs. There is much much more and I hope you enjoy our summary.

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Nichola Ross Martin FCA Tax Director


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Quick News

Autumn Statement 2015: the Small Print
The chancellor omitted to mention the majority of the new measures that the government has proposed for the 2016 Finance Bill when he presented his Autumn Statement last Wednesday. In this guide we fill in the details for SME owners and tax advisers.

Case Update

In Burgess & Anor v HMRC [2015] the Upper Tribunal (UT) found that HMRC had failed to discharge their burden of proof in making discovery assessments.

In The Queen on the application of Ralph Hely-Hutchinson v HMRC, a taxpayer was successful in judicial review over HMRC's tax treatment of his Mansworth v Jelly loss claims.

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Dividend Tax: client briefing
NEW: a briefing note to go over with your clients to explain and illustrate the new rules for the taxation of dividends from 2016/17.

VAT: Land and property at a glance 
NEW: Bookmark this guide as a useful first reference when dealing with land and property transactions.

Missed last time's update?

Nichola's SME Tax Update 19 November 2015

Features updates on:

  • Reasonable excuse
  • IHT gift out of income
  • New money laundering measures
  • Social Interest tax relief

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