From 30 October 2024, eligible companies will be able to apply for certification to receive the enhanced uplift in AVEC at a rate of 53% for qualifying expenditure incurred on or after 1 April 2024.
SME Tax News
A policy paper 'Economic Crime and Corporate Transparency Act: outline transition plan for Companies House' has been released. It follows the Economic Crime and Corporate Transparency Bill that was introduced into Parliament on 22 September 2022 and received Royal Assent on 26 October 2023.
In a written statement to Parliament, the Secretary of State for Business and Trade, Jonathan Reynolds, has confirmed that the Government will take forward proposals to increase the monetary size thresholds for UK companies.
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This week we have HMRC’s latest Employer Bulletin, an update on corporate reporting for medium-sized companies, and progress on the UK’s establishment of a corporate re-domiciliation regime.
HMRC have published their Employer Bulletin for October 2024. We have summarised the key content for you, with links to our detailed guidance on the topics covered.
In Marisa Lincoln v HMRC [2024] TC09306, the First Tier Tribunal (FTT) found that an interest in properties situated in Malta held by a deceased individual was subject to UK Inheritance Tax (IHT).
An expert panel established by the previous Government has published its report on initiating a corporate re-domiciliation regime. Further consultation is expected to move the proposals forward.
The Government has published a summary of responses to the 'Non-financial reporting review: simpler corporate reporting' consultation held earlier this year.
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Our highlights this week: HMRC introduces a new claims process for employee expenses, there is useful case law on the timing of dividend payments and the meaning of residential property for SDLT, we have created a detailed suite of new R&D guidance, new CPD webinars and a new case study on buying out a retiring shareholder.
HMRC are implementing new evidence requirements from 14 October 2024 for standalone claims for employment expenses. HMRC have identified a growing tax risk from ineligible claims.
