In Chemidex Generics Ltd v HMRC [2024] TC09387, the First Tier Tribunal (FTT) ruled that the taxpayer's valuation and a ten-year amortisation period were compliant with UK GAAP and allowed relief for amortisation for Corporation Tax purposes.
SME Tax News
After receiving 1,600 responses, HMRC have published the outcome to their consultation, ‘storage and retention of original will documents’ which had outlined proposals for introducing a digital system for preserving paper wills currently held in storage.
HMRC are sending another batch of one-to-many letters, this time focusing on taxpayers exceeding the lifetime limit for Business Asset Disposal Relief (BADR) in 2023-24.
HMRC has regularly updated ‘List 3’; its list of approved professional organisations and learned societies. Many new organisations have been added over the last six months.
In 71 Brewing Limited v Revenue Scotland [2024] TFSTC 10, the First Tier Tribunal (FTT) found Revenue Scotland has no obligation to notify taxpayers that a three-year lease review return is required for LBTT purposes.
Missed our SME Tax Web-updates in December? Here is a summary of the month.
An E-bike, as in an electrically assisted pedal cycle, can be a tax-efficient means of transport. Derestrict the output and you've got a moped with very different tax and regulatory requirements. This is an issue for employers who provide E-bikes as part of Cycle to Work tax schemes as well as for regulators.
Happy New Year!
We are back with a review of the top tax hits of 2024, we review HMRC's latest Agent Update and bring news of a new R&D disclosure service and consultation on interest.
2024 has been a year to remember in tax thanks largely to the effect of the General Election, which resulted in a change in government, which in turn resulted in two Budgets. We review our Top Ten Tax Hits of 2024.
HMRC have published their Agent Update for December 2024. We have summarised the key content with links to our detailed guidance on the topics covered, including guidance for Corporation Tax quarterly instalment payers, P800 tax calculation delays, and voluntary National Insurance Contributions.
