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.
SME Tax News
The reporting requirements for employers providing salary advances to employees will change from 6 April 2024.
A claim under the Self-Employment Income Support Scheme (SEISS) was denied by the First Tier Tribunal (FTT). Despite receiving invitations to apply for SEISS from HMRC, the taxpayer was never entitled to claim under the scheme.
HM Treasury has opened a consultation seeking views on how to design and implement a UK-focused ISA.
Hello,
Our main news this week of course centres on the Spring Budget. We also review HMRC's new views on tax relief for training costs. Our cases feature the first ever appeal against the withdrawal of COVID-19 'Eat Out to Help Out Scheme', whether property was a trade or investment for Business Asset Disposal Relief (BADR), and the tribunal had to sample Nakd and Organix bars. Hopefully not stale ones this time!
HMRC have just revised their guidance on tax relief for business owner's training courses. They now say that learning a new skill in a new area will be tax-deductible against profits if 'wholly and exclusively' incurred for any 'ancillary purposes' of the trade or business.
HM Treasury has published a response to the 2023 consultation ‘Taxation of environmental land management and ecosystem service markets’. Agricultural Property Relief (APR) will be extended to cover environmental land management from 6 April 2025.
The Chancellor of the Exchequer Jeremy Hunt made his Spring Budget 2024 announcement on 6 March 2024 these are the live highlights of the speech.
For our full summary of the budget publications see: Spring Budget 2024: At a glance