Missed our SME Tax Web-updates in November? Here is a summary of the month.
SME Tax News
Hello,
This week we have more details from last week's Autumn Statement and we note that the latest Finance Bill has now been published covering the proposed changes. As this bill is well over three hundred pages long it might take us a minute to go through it all!
HMRC have published the outcome of their review into how Making Tax Digital (MTD) for Income Tax will address the needs of small businesses. This has resulted in some proposed changes to how it will be introduced in 2026.
As part of the Autumn Statement, the Chancellor announced more generous reliefs for Audio-Visual expenditure and published a Call for Evidence to consult on the policy design.
As announced as part of the Autumn Statement, the government has published a technical consultation on changes to the capital allowances system, with the aim of simplifying the tax system.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 December 2023.
HMRC have published responses to the consultation ‘Expanding the cash basis’ which asked for taxpayer views on various options to extend and simplify the Self-employed Cash Basis, a simplified way of calculating taxable profits for Income Tax purposes.
The Chancellor, Jeremy Hunt, presented his Autumn Statement 2023 speech on Wednesday 22 November. This is our 'At a glance' summary of the key tax announcements and measures.
- MPs issue recommendations on Making Tax Digital
- Nichola's SME Tax W-update 23 November 2023
- Transfer of Assets Abroad rules cannot apply to a transfer by a company
- Autumn Statement 2023: National Insurance
- Three renovated family homes in five years was not trading
- HMRC assessments upheld as incorrect CIS status used