SME Tax News

HMRC have published a response to their consultation ‘Raising standards in the tax advice market – strengthening the regulatory framework and improving registration’. This outlines potential approaches to strengthen the current regulatory system and tackle non-compliance in the tax advice market, including mandatory membership of a recognised professional body. 

In The Executors of Keith Denis Lewis Beresford vs HMRC [2024] TC09333, the First Tier Tribunal (FTT) found that shares in a holding company did not qualify as ‘relevant business property’ for IHT purposes. Its subsidiary was not undertaking a qualifying business activity for IHT.

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Chancellor Rachel Reeves' first budget contains a vast range of measures capable of affecting businesses of all shapes and sizes. 

Missed our SME Tax Web-updates in October? Here is a summary of the month.

The fourth annual review of HM Treasury's Investing in Women Code has shown another steady increase in the number of financial services firms willing to support female entrepreneurs looking for funding. 

HMRC have published their Agent Update for October 2024. We have summarised the key content with links to our detailed guidance on the topics covered, including changes to the Agent Dedicated Line and Stamp Duty Land Tax (SDLT) on uninhabitable dwellings.

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With only a few days to go until the long-anticipated Autumn Budget, we have something of a bumper update for you this week. This includes a proposed timetable for Companies House reform, increased company size thresholds, a new HMRC tax avoidance spotlight, and several tribunal cases.

The Government has published a paper, 'Next Steps to Make Work Pay', with the aim of growing the economy, raising living standards and creating 'opportunities'. Four targeted consultations have also been released. 

As part of its ‘ Making Work Pay’ commitment, the Government has opened a consultation on creating a modern framework for industrial relations.