Happy New Year!
We start the year with last minute tips for Self Assessment and a new Agent Update; noting that the Spring Budget is set for 6 March and that a new condoc considers transparency for land-holding trusts.
SME Tax News
The Chancellor, Jeremy Hunt, has announced that he will present his Spring Budget on Wednesday 6 March 2024. HM Treasury is inviting representations for the budget, from stakeholders.
HMRC have issued their Agent Update for December 2023. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In MW High Tech Projects UK Limited v HMRC [2023] TC09011 a company was unable to make a valid claim for a Research and Development Expenditure Credit (RDEC) as it had failed to prepare accounts on the 'going concern' basis.
In The Legend of the Golden Temple & Others v HMRC [2023] TC08999 ten companies created by a common director were disqualified from the Seed Enterprise Investment Scheme (SEIS), for failing to meet the risk-to-capital condition, the trading condition and the shares requirement. Creating ten companies to perform the work of one evidenced a Disqualifying Arrangement too.
A new government's consultation, ‘Transparency of land ownership involving trusts’ explores widening access to trust information held on the Register of Overseas Entities, as well as considering how the ownership of land by trusts can be made more transparent.
Missed our SME Tax Web-updates in December? Here is a summary of the month.
Season's Greetings
This week, we combine some festive-themed elements with Artificial Intelligence (AI). On the more serious tax front, we take a look at the Scottish and Welsh budgets and have some top tips for various types of taxpayer.
The Welsh Government has launched two new Land Transaction Tax (LTT) consultations. The first explores extending the LTT higher rates three-year exception and refund period, in specific circumstances. The second consultation looks at introducing LTT relief for special tax sites, such as Freeports and Investment Zones.
HMRC have issued a reminder that employers may accidentally be underpaying temporary staff engaged in seasonal jobs. Employees should check their wage slips to ensure that the actual hours paid are those worked.