Hello,
The weeks are flying by at the moment, Halloween and World National Savings Day, both on 31 October, have now passed and today the Bank of England has again frozen interest rates in its penultimate rate review for 2023.
SME Tax News
HM Treasury has issued its latest Women in Finance Charter signatory survey with 65% of respondents saying that the charter has driven permanent change in their organisation. It is helping them maintain focus on increasing female representation in the sector as they move into the next phase of their diversity efforts.
The International Tax Competitiveness Index 2023, compiled by the Tax Foundation, has seen Estonia top the league for the tenth year in a row, making it an ideal destination for those looking to live, work and set up businesses overseas, as well as digital nomads.
In McEnroe & Newman v HMRC [2023] UKUT 255, the Upper Tribunal (UT) refused the taxpayer's appeal on the basis that the First Tier Tribunal (FTT) had not erred in law in failing to interpret a Share Sale & Purchase Agreement (SPA) in a manner that reduced the consideration by over £1 million.
The Economic Crime and Corporate Transparency Act, which gained Royal Assent last week, includes measures to help Companies House close loopholes on identity verification for all new and existing registered company directors and people with significant control, including overseas entities.
Missed our SME Tax Web-updates in October? Here is a summary of the month.
HMRC are changing their online advice pages and letters to clients on agent authorisation clarifying what agents can and cannot do when they are working via the Online Agent Authorisation system. They stress the need for clients to check their tax returns before allowing their agents to submit them on their behalf.
In Hart St Maltings Ltd v HMRC [2023] TC08961, the First Tier Tribunal (FTT) found that a property development company reporting under FRS 105 could not use the cash basis of accounting for Corporation Tax purposes.
Hello,
There is little in the way of tax news this week which is perhaps just as well following the disruption caused by Storm Babet last weekend. We do hope you are all safe and well and have not been badly affected by the floods.
The government has responded to two reports by the Treasury Committee, both of which focused on current tax reliefs. It believes a systematic review of all 1,180 plus tax reliefs is impractical and unwarranted, but did confirm its intention to extend the sunset clauses on the Venture Capital Trust (VCT) reliefs.