HM Treasury has published ‘Financing growth in innovative firms: Enterprise Incentive Scheme knowledge-intensive fund consultation response’ and in response will introduce a new EIS fund structure.
SME Tax News
HMRC has published a response to its consultation ‘ Royalties Witholding tax’ together with draft legislation included in the Finance Bill 2019.
HM Treasury has published ‘VAT registration threshold: Summary of responses’ and have confirmed that the turnover threshold will remain fixed until April 2022.
HM Treasury has published ‘Taxation of self-funded work-related training: summary of responses’ and has decided not to extend the tax relief available.
Budget 2018: the chancellor has announced measures to ensure that taxes paid by customers and employees to companies going into insolvency are protected, by changing unsecured creditor priorities and making directors liable for company taxes in certain circumstances.
The Cryptoassets Taskforce has published its final report. The 'Cryptoassets Taskforce Final report' lays out the UK’s policy and regulatory approach to cryptoassets and distributed ledger technology in financial services. It did not cover tax.
Budget 2018: the chancellor announced that the UK will proceed with a Digital Services Tax from April 2020.
The chancellor increased personal tax allowances for individuals and increased the Annual Investment Allowance however he also restricted the scope of several valuable tax reliefs, including Capital Gains tax (CGT) Entrepreneurs' Relief and Private Residence Relief and R & D as well as introducing the off-payroll working rules to medium and large companies in the private sector.