Further to last week's Spring Budget 2024, the government will provide updates on and publish the details of further tax measures on 18 April 2024 during 'Tax Administration and Maintenance Day'. It assures us that 'None of these announcements will require legislation in Spring Finance Bill 2024 or have an impact on the government’s finances at this stage.'

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There are several measures which were not mentioned during the 2024 Spring Budget, those which maybe of topical interest to SME advisers include:

  • Changes to HMRC's treatment of expenditure on the Costs of proprietor's Training fees:
    • A change was made to HMRC's manuals however there is some uncertaintly as to whether the change is to be regarded as a concession. These are some cases which set a legal precent in relation to whether these costs are Capital or Revenue...More
  • The Outcome of the consultation on changes to the Employee Ownership Trust (EOT)  rules.
    • HMRC has expressed concern that some company sellers have not been following the rules in the spirit in which they were intended. It had been proposed that ex-owners cannot control the board of trustees...More
  • The outcome and a summary of responses on the ‘Tackling non-compliance in the umbrella company market' consultion
    • HMRC has already announced that there will be an update this topic: will it define an Umbrella company? What next? ...More

Further consultations for which we are awaiting responses include:

  • Consultation on occupational health tax incentives
  • Non-discretionary tax advantaged share scheme call for evidence
  • Consultation: charities tax compliance

See Our Finance Acts & 2023/24 Rolling Tax Planner for more detail

Useful guides on this topic

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.

Finance Act 2024: At a glance
Links to our guides covering keep measures for SMEs

Finance Act 2023-2024: tax update & rolling planner 2023-24
This rolling planner tracks the key tax announcements that impact the 2023-24 tax year and beyond. This planner is updated on an ongoing basis.

Tax Administration and Maintenance Day 2023: At a glance
Our coverage of the measures announced on Tax Administration and Maintenance Day 2023.