The government has confirmed that it continues to support the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme by announcing that both schemes will be extended by ten years to 5 April 2035, as planned.
SME Tax News
Hello,
If you are just back from your holidays we have lots of updates and refreshers on topical taxes this week. Tax allowances may have been frozen for years but there is much to report. I would personally recommend our Land & Property Advisers' 'What's New 2024/25' guide, which features an in-depth look at the current concerns about s.162 relief.
In HMRC v S & L Barnes Limited [2024] UKUT 00262 (TCC), the Upper Tribunal (UT) remade an earlier decision and found former rugby player Stuart Barnes was within IR35 leaving him exposed to a bill of £695,000.
We look closer at HMRC's latest property income statistics for 2022/23. There may be a 'blip' but the stats indicate that property income received by partnerships appears to have fallen by £3.47 billion between 2021/22 and 2022/23. Despite that, overall property income received by all unincorporated landlords only fell by £1.96 billion, meaning that perhaps 2021/22 was a rogue year in terms of the statistics.
HM Treasury is inviting representations from stakeholders ahead of the 2024 Autumn Budget, which will be held on 30 October 2024. Time is getting short for making representations: the portal closes on 10 September 2024.
Missed our SME Tax Web-updates in August? Here is a summary of the month.
Hello,
This week's top news item asks whether you can spot what's wrong in a scam email targeting tax agents. See what you think. We also have a cautionary tale on the National Minimum Wage (NMW) rules and are showcasing guides and updates covering a range of new measures and proposals. In amongst all that we have the latest news and more cases.
HMRC have published new advisory fuel rates for company car drivers that apply from 1 September 2024.
Email scammers are trying to take advantage of HMRC's processes for verification of tax agent identity by sending out phishing emails that claim to be from HMRC's Agent Service. A new email purporting to come from HMRC directs agents to click on a link back to the scammers which could easily fool people reading on a small screen. Can you spot what's wrong?
In Mainpay Limited v HMRC [2024] UKUT 0023, the Upper Tribunal (UT) confirmed that employees of an umbrella company couldn't claim an allowable deduction for reimbursed travel or subsistence expenses. Each agency assignment was deemed a separate employment, making the underlying workplace permanent.
