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.
SME Tax News
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.
Missed our SME Tax Web-updates in December? Here is a summary of the month.
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.
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.
Scottish Deputy First Minister Shona Robison announced the draft Scottish Budget for 2024-25 on 19 December 2023. A new Income Tax Advanced Rate of 45% will be introduced, meaning that, for example, a person with dividend income alongside employment, self-employment or rental income, has up to ten Income Tax rates to consider.