Companies making claims for Creative Industry Tax Relief will be required to submit an Additional Information Form (AIF) from 1 April 2024 onwards.
SME Tax News
HMRC published another Employer Bulletin in March 2024, here is our curated version of the highlights of the bulletin with added useful links.
A fund formed to exploit intellectual property rights via special purpose vehicles was found by the Upper Tribunal (UT) to be a 'party' to the arrangements aimed at securing its investors' SEIS relief in one such company. This had the knock-on effect of creating disqualifying arrangements in the underlying SEIS company.
Hello,
This week we have summarised the highlights of the new Agent Update for you. It has been a relatively quiet week leading up to the end of the month with many changes from 1 April/6 April announced well in advance.
HMRC published Agent Update 118 on 20 March 2024. This is our summary of the highlights in direct and indirect tax announcements affecting for SME owners and advisers.
In the March Agent Update HMRC has introduced GOV.UK One Login as a new way of signing into government services.
Distributions in specie made from a share premium account were confirmed by the Upper Tribunal (UT) to be income distributions and not capital. The UT considered if the payments by a non-resident company satisfied the definition of a dividend for the purpose of English law.
An agreement involving an option which allowed a company to purchase a £9.3 million property in two stages and advantaging the seller too, fell foul of both SDLT and ATED relief as the option was not ‘acquired exclusively’ for re-development as claimed.
From 6 April 2024, HMRC is finally given the power to deduct tax and NIC already paid by a worker from the tax and NIC due from their deemed employer when the off-payrolling IR35 apply to an engagement. The new rules do not extend to an offset of the Employer's National Insurance Contributions (NIC).
Audio-Visual Expenditure Credit (AVEC) will replace Film Tax Relief (FTR), Animation Tax Relief (ATR), Children's Television Tax Relief (CTR), High-End Television Tax Relief (HETR). Video Games Expenditure Credit (VGEC) will replace Video Games Tax Relief (VGTR).
