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.
SME Tax News
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.
HMRC have launched a consultation 'Simplifying the Taxation of Offshore Interest'. This seeks views on addressing challenges arising from information on offshore interest often being provided to taxpayers and HMRC on a calendar year basis rather than a UK tax year basis.
In Stage One Creative Services Limited v HMRC [2024] TC09358, a company's claim for SME R&D tax relief was upheld by the FTT, which found that the relevant expenditure was not subsidised nor was it incurred in relation to activities which were contracted out to it.
