HMRC published Agent Update 118 on 20 March 2024. This is our summary of the highlights in direct and indirect tax announcements affecting for SME owners and advisers.
Nichola's SME Tax W-update 21 March 2024
Hello,
We have news of a couple more U-turns from HMRC this week, on advice for landlords and in respect of phone line closures. We also feature a handy set of 'top-tips' for Owner Managed Businesses (OMBs) and Private Clients which also factor in changes that are coming up on 6 April.
HMRC U-turn on helplines
Only one day after announcing a restriction to its VAT, Self Assessment and PAYE helplines, HMRC has had a change of heart.
Additional information requirements for OMBs
Employers, Shareholders in Owner-Managed Businesses (OMBs) and Self-Employed individuals will be required to disclose a range of new information to HMRC from 6 April 2025.
Nichola's SME Tax W-update 14 March 2024
Hello,
Employers may appreciate changes as to how advance payments on salaries and wages will be treated from 6 April 2024 under Real-Time Information Reporting (RTI). New rules simplify payroll reporting.
Football agent's fees not deductible
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.
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