The Property (Digital Assets etc) Bill has been introduced to Parliament aiming to clarify the law surrounding digital assets, including cryptocurrency.
SME Tax News
HMRC have published their Agent Update for September 2024. It includes several changes in HMRC banking details, a new allowance for Neonatal Care and VAT compliance notes. We have summarised the key content with links to our detailed guidance on the topics covered.
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There is something of a 'Budget theme' this week. The Budget Responsibility Act 2024 has received Royal Assent and the dates of the Scottish and Welsh budgets have been announced. If you are acting for clients in the hospitality sector do note the changes on tips, there is also a deadline reminder for R&D claims, and summaries of a range of useful decisions from the courts and tribunals.
Companies with a 31 March 2024 year-end must submit an R&D claim notification by 30 September 2024 if the company is claiming R&D relief for the first time or hasn’t made a claim in the three years before the claim notification deadline.
In Janet Bray Limited v HMRC [2024] TC09277, the First Tier Tribunal (FTT) dismissed the taxpayer's appeal against determinations for tax and associated penalties for 2009-10 and 2010-11 following the use of a tax scheme.
In Muller UK and Ireland Group LLP & Ors v HMRC [2024] UT 00273, the Upper Tribunal (UT) held that the Limited Liability Partnership (LLP) was related to all of its corporate members despite not being a 'company'. As a consequence, the relief claimed for the amortisation of Intellectual Property (IP) acquired from those companies was denied.
The much-anticipated Employment (Allocation of Tips) Act 2023 (the Tipping Act) comes into force on 1 October 2024 for England, Scotland and Wales.
In HMRC v Professional Game Match Officials Ltd (Appellant) [2024] UKSC 29, the Supreme Court has nearly settled the long-running battle over the PAYE status of part-time football referees. The final decision now rests with the First Tier Tribunal (FTT) to determine whether or not a contract of employment exists.
The Scottish Government has announced that its 2024 Budget will be held on Wednesday 4 December 2024. This will set the tax and spending plans for Scotland for 2025-26.
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The Welsh Parliament has announced that its outline and detailed draft Budget will be published on Tuesday 10 December 2024. This will set out the tax, spending and financing plans for Wales for 2025-26.
