The Government has published a new consultation, 'Reform of behavioural penalties', seeking views on options to improve the current penalty regime in respect of taxpayers who have submitted inaccurate returns or failed to notify chargeability.
SME Tax News
Changes to Making Tax Digital (MTD) were announced in the Spring Statement on 26 March 2025, including bringing forward the introduction of MTD for Income Tax for sole traders and landlords with income over £20,000.
HMRC has launched a new consultation 'Research and Development tax relief advance clearances' which invites views on widening the use of clearances to avoid error and fraud.
HMRC have launched a consultation on ‘Closing in on promoters of tax avoidance’. Proposals include giving HMRC additional powers and stronger sanctions to tackle closing the tax gap attributable to marketed tax avoidance.
Finance Bill 2024-25 received Royal Assent on 20 March 2025 to become Finance Act 2025. It contains a number of key measures, including the abolition of the Furnished Holiday Letting and non-domicile tax regimes.
In HMRC v Timothy Bunting [2025] UKUT 00096, the Upper Tribunal (UT) found that relief for a capital loss on a loan to a sports memorabilia trader was not available as the loan had been satisfied by conversion into shares before the loss relief claim was made.
HMRC have published their Agent Update for March 2025. We have summarised the key content with links to our detailed guidance on the topics covered, including changes to company size thresholds for Off-Payroll Working, reporting payrolled benefits for self-assessment and student loan purposes, and changes to the claims process for Creative Industries Tax Reliefs.
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With the Chancellor’s Spring Statement just a few days away, there is a little less tax news than normal this week. As a result, we continue to focus on planning around the end of the tax year, and we explore some particularly interesting court and tribunal decisions.
HMRC have released a calculator for those affected by the 2024-25 change in Capital Gains Tax (CGT) rates. Taxpayers using HMRC's online tax return filing service may need to use this tool to calculate a CGT 'adjustment figure', as the tax return calculation will not automatically calculate CGT at the new main rates where they apply.
In PD & MJ Limited v HMRC [2025] UKUT 00094, the Upper Tribunal (UT) found that Sky Sports presenter, Phil Thompson, was an employee for Income Tax and National Insurance purposes.
