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  • Archived SME News
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SME Tax News

Advisory fuel rates from 1 June 2025

Last Updated: 29 May 2025

HMRC have published new advisory fuel rates for company car drivers that apply from 1 June 2025. 

Filling car at petrol station

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Ross Martin Tax: SME Tax Update 22 May 2025

Last Updated: 22 May 2025

Hello, 

This week’s highlights include the May 2025 Agent Update, HMRC issuing Stop Notices to an individual for the first time, and a report from the National Audit Office (NAO) on collecting the right tax from wealthy individuals.

SME tax news 13

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ToAA rules applied to rent-free house occupation

Last Updated: 29 May 2025

In Anne Concepta Moran v HMRC [2025] TC09521, the First Tier Tribunal (FTT) found that a taxpayer was liable to Income Tax under the Transfer of Assets Abroad (ToAA) legislation due to her rent-free occupation of a house settled in an offshore trust by her late husband.

House and garden

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Wealthy tax dodging a bigger problem, says NAO

Last Updated: 22 May 2025

The National Audit Office's report, 'Collecting the right tax from wealthy individuals', warns that the levels of tax evasion and avoidance by Britain's rich may be much higher than HMRC previously thought. The complexity of their affairs allows for greater opportunities for dishonesty, the report concluded.

Gold bullion

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Successful appeal against R&D discovery assessment

Last Updated: 29 May 2025

In Realbuzz Group Ltd v HMRC [2025] TC09502, the First Tier Tribunal (FTT) allowed an appeal against a discovery assessment raised in respect of a Research & Development (R&D) claim. At the end of the normal enquiry window, the hypothetical HMRC officer should reasonably have been aware of the excessive R&D claim, which resulted in an insufficiency in tax.

Simple assessment

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Late tax return filing penalties quashed

Last Updated: 22 May 2025

In Denise Howarth v HMRC [2025] TC09508, the First Tier Tribunal (FTT) found that a taxpayer who had failed to complete the final step to submit her tax return had a reasonable excuse for not submitting on time.

Late filing penalty 2

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Struck-off solicitor Baxendale-Walker issued with Stop Notice

Last Updated: 27 May 2025

In a bid to support the government's plan to close the tax gap, HMRC have issued their first Stop Notice to an individual. Paul Baxendale-Walker, a struck-off solicitor best known for his involvement in the Rangers Football Club tax avoidance case, is the first individual to be issued with a Stop Notice.   

Masked figure shaking hands fraud

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Agent Update: May 2025

Last Updated: 22 May 2025

HMRC have published their Agent Update for May 2025. We have summarised the key content with links to our detailed guidance on the topics covered. This month's update includes changes to Corporation Tax reminders, HMRC beginning to issue 2024-25 Simple Assessment letters and a new compliance check guidance tool.

agent update

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Ross Martin Tax: SME Tax Update 15 May 2025

Last Updated: 21 May 2025

Hello, 

In what has been a relatively quiet week for tax news, we explore the latest cases on trading loss relief, the novation of directors' loans, and the VAT treatment of assessments within an online maths learning product. We also look at HMRC’s most recent one-to-many letters.

SME tax news 12

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Loan novation resulted in Income Tax charge

Last Updated: 15 May 2025

In Nicholas Powell v HMRC [2025] TC09518, the First Tier Tribunal (FTT) found that an Income Tax charge arose on the novation of a director’s loan account from one company to its parent. Under the novation deed, a loan to a participator had been released.

Directors chairs white room

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  1. Another decrease in HMRC's interest rate
  2. FTT denies sideways loss relief
  3. Ross Martin Tax: SME Tax Update 8 May 2025
  4. HMRC's productivity down, costs up and businesses hurt, say MPs
  5. Private Residence Relief granted on £27 million disposal
  6. IHT chargeable on gifts made with reservation

Subcategories

Archived SME tax news Article Count:  336

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What's new?

  • Legislation Day set for 21 July 2025
  • Ross Martin Tax: SME Tax Update 3 July 2025
  • Entrepreneurs' Relief denied due to substantial non-trading
  • CoA rules vandalised property 'residential' for SDLT purposes
  • Updates to List 3, approved organisations and societies
  • Loans: Employment-related (beneficial loans)
  • Payments On Account (POAs): Self Assessment
  • HMRC right to exercise 'the 7A power' in disguised remuneration case
  • Upper Tribunal reverses TiS block on EIS disposal
  • SME Tax Monthly Summary June 2025
  • Ross Martin Tax: SME Tax Update 26 June 2025
  • Agent Update 132: June 2025
  • Employer Bulletin: June 2025
  • R&C Brief 4: VAT recovery on pension fund management
  • FTT sympathises for upholding discovery assessments after Apostle misled taxpayer
  • Small businesses account for 60% of missing taxes
  • University joint venture was VAT-exempt
  • R&C Brief 3 clarifies VAT position of charitable events
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