SME Tax News

The Wealth Tax Commission has published ‘A wealth tax for the UK’ which calls for a one-off UK wealth tax of five per cent on assets above £500,000. It should raise over £260bn for public finances hard hit by COVID-19.

HMRC's latest Agent Update confirms that the 100% First Year Allowances (FYA) for business cars, zero-emission goods vehicles and equipment for gas refuelling stations will be extended from April 2021 until April 2025 after all. The measure had been omitted from Finance Act 2020. 

Self-employed individuals claiming the third Coronavirus grant under the Self-Employment Income Support Scheme (SEISS) may be unaware of important changes made to the qualifying criteria for the grant.

HMRC have published their Employer Bulletin for December 2020. We summarise the key content for you, with links to our detailed guidance on the topics covered. 

HMRC's new campaign 'Spot the signs of tax avoidance' aims to raise awareness of tax avoidance schemes and highlights how to spot one and the negative effects of using one, in an effort to curb take up and promote reporting.

HMRC have issued a reminder as to what can be claimed under the Coronavirus Job Retention Scheme (CJRS) in light of the upcoming holiday season.