SME Tax News

HMRC have launched a consultation 'Opportunities to Extend Uncertain Tax Treatment', which seeks opinions on bringing individuals and trusts within the Uncertain Tax Treatment (UTT) regime and extending its scope to include other taxes such as Inheritance Tax, Capital Gains Tax and Stamp Duty Land Tax. 

HMRC have confirmed that they will introduce Multi-factor Authentication (MFA) for agent accounts as part of their efforts to combat the continued and evolving threat to online security.

HMRC have launched a consultation, 'Modernising and standardising company tax returns'. It seeks feedback on the timeline for the new prescribed format for company tax returns and mechanisms ensuring compliance. 

HMRC have launched a consultation, 'Reporting company payments to participators - modernising the reporting framework'. It proposes new rules that would make the reporting of transactions between close companies and their participators mandatory.

In Putney Power Limited and Piston Heating Services Limited v HMRC [2026] UKUT 00105, the Upper Tribunal (UT) found that Enterprise Investment Scheme (EIS) relief was not available on shares issued by the companies, as neither was trading before the relevant deadline. 

Finance (No. 2) Bill 2025-26 received Royal Assent on 18 March 2026 to become Finance Act 2026. It contains a number of key measures, including the mandatory registration of tax advisers and the reform of Agricultural Property Relief and Business Property Relief.

In CooperVision Lens Care Limited v HMRC [2026] TC09808, the First Tier Tribunal (FTT) found that sums received on the sale of shares were taxable as employment income as the shares fell within the Employment-Related Securities regime.

The first company to be listed on the new PISCES market for private companies has been announced as QPlay, a board game maker. JP Jenkins pipped the London Stock Exchange (LSE) to list the first company under the new scheme aimed at boosting the UK's capital markets.