Changes to the income thresholds for the claw-back of child benefit coming into force on 6 April 2024 will mean that some higher-income parents should reapply to have child benefit reinstated.
SME Tax News
An attempt to claim Entrepreneurs’ Relief on a disposal of goodwill to a close company was denied by the First Tier Tribunal (FTT). It was found that there was no unconditional contract to sell the business prior to 3 December 2014.
The Upper Tribunal (UT) confirmed that family trusts that had engaged in a tax planning arrangement known as the 'round the world' scheme were not based in Mauritius at the time of a disposal for Capital Gains Tax (CGT) purposes and the gains were properly taxable in the UK, the actual Place Of Effective Management (the 'POEM').
The government has published draft legislation which will establish the Independent Football Regulator; make provision for the licensing of football clubs; make provision about the the distribution of revenue received by organisers of football competitions; and for connected purposes.
Only one day after announcing a restriction to its VAT, Self Assessment and PAYE helplines, HMRC has had a change of heart.
Employers, Shareholders in Owner-Managed Businesses (OMBs) and Self-Employed individuals will be required to disclose a range of new information to HMRC from 6 April 2025.
Footballer Baye Oumar Niasse's appeal for a deduction of fees paid to his agent failed at the First Tier Tribunal (FTT). The fees were not deductible under the general employee expense rule nor the special rules for entertainers.
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Employers may appreciate changes as to how advance payments on salaries and wages will be treated from 6 April 2024 under Real-Time Information Reporting (RTI). New rules simplify payroll reporting.
Further to last week's Spring Budget 2024, the government will provide updates on and publish the details of further tax measures on 18 April 2024 during 'Tax Administration and Maintenance Day'. It assures us that 'None of these announcements will require legislation in Spring Finance Bill 2024 or have an impact on the government’s finances at this stage.'
The reporting requirements for employers providing salary advances to employees will change from 6 April 2024.
