An attempt to claim negligible value relief was rejected by the First Tier Tribunal (FTT). It was found that the shares were already of negligible value at the time of acquisition.
SME Tax News
The Department for Business and Trade's response to its consultation 'Distributing tips fairly: draft statutory code of practice' includes the implementation of the Code of Practice, and the Employment (Allocation of Tips) Act 2023. Workers in tipping industries will be protected from unfair employers pocketing money meant to go to them in recognition of good service.
HMRC published Agent Update 119 on 17 April 2024. Here is our summary of the highlights in direct and indirect tax announcements affecting SME owners and advisers.
A Norfolk-based accountant has been severely reprimanded, excluded from membership of the ICAEW, and ordered to pay costs of £55,645 for favouring one party over another in a dispute following a divorce.
HMRC appealed a decision by the First Tier Tribunal (FTT) relating to a tax avoidance scheme. They won on two of three grounds with the result being that the loans made are taxable as earnings but not deductible for Corporation Tax.
HM Treasury's consultation, 'Improving the effectiveness of the Money Laundering Regulations' explores a wide range of steps for improving the quality of Anti-Money Laundering (AML) due diligence as well as filling gaps in disclosure of trust and land ownership as well as joining up gaps in information sharing. It also includes a survey.
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Today is ‘Tax Administration and Maintenance Day’, it is not a mini-budget, more of a publishing opportunity for HMRC! It includes details of a proposed new VAT relief for charitable donations which will be consulted on fully later this year.
Thursday 18 April 2024 was 'Tax Administration and Maintenance Day'. The government published several tax policy proposals and updates, including changes to VAT on charitable donations and tackling non-compliance in the umbrella companies market.
The government has released a consultation addressing the potential VAT implications of recent case law developments on the Private Hire Vehicle (PHV) sector and its passengers.
Loss-making R&D Intensive Small or Medium-sized Enterprises (SMEs) based in Northern Ireland will not be subject to any restrictions on relief for overseas Research & Development (R&D) up to a limit of £250,000 in any three-year period.