Hello,
You will no doubt have heard about the U-turn on the mini-budget announcement to cut the 45% Income Tax band on Monday, you are less likely, however, to have heard about the decision to change the definition of a 'small' company.
SME Tax News
HMRC is warning VAT-registered taxpayers that they have only one month left to register for Making Tax Digital (MTD) for VAT. It seems that there are some 100,000 businesses that have yet to sign up and file under the new system.
This measure was introduced by Liz Truss, it seems to have been shelved.
The government is changing the definition of a 'small' company by increasing the employee number threshold from 50 to 500 employees. This change will bring some 40,000 businesses within the definition of 'small' and will have some considerable implications across accounting, tax, investor reliefs and grants.
In White Feather Commercial Cleaning Ltd v HMRC [2022] TC 8611, the First Tier Tribunal (FTT) had to decide whether Statutory Sick Pay (SSP) was due to an employee after her employer claimed that her incapacity was not genuine.
In David Wilby v HMRC [2022] TC08589, the First Tier Tribunal (FTT) ruled that a robust HMRC process was sufficient to render a discovery assessment valid following the identification of discrepancies between a Stamp Duty Land Tax (SDLT) return and Land Registry forms.
The Welsh government has published a new consultation ‘Reforming non-domestic rates in Wales’. It looks at improvements to ensure that Welsh ratepayers contribute fairly to the services they receive and that the services ratepayers rely upon are properly funded.
Missed our SME Tax Web-updates in September? Here is a summary of the month.
The Chancellor, Kwasi Kwarteng, has announced that the 45% Income Tax top tax rate will remain in place from next April. Interviewed on BBC Radio 4 on Monday morning, he admitted that his uncosted mini-budget proposal had become "a massive distraction".
Hello,
It has been a week of economic turmoil following last Friday’s mini-budget. We have summaries of the key measures announced in case you missed our Budget Special edition, as well as plenty of non-budget content including a new Employer update for 2022-23, HMRC’s latest Agent update and some interesting tax cases.
How does the mini-budget affect Wales and Scotland? What are the devolved nation’s responses to it?