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.
Change to reporting of salary advances
The reporting requirements for employers providing salary advances to employees will change from 6 April 2024.
Nichola's SME Tax W-update 7 March 2024
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!
Spring Budget 2024: At a glance
The Chancellor used the 2024 Spring Budget to announce some wide-ranging reforms with a couple of tax cuts and new relief across a range of different taxes.
Our highlights of the announcements include:
- A 2% reduction in the rate of National Insurance Contributions.
- A 4% reduction in Capital Gains Tax for higher rate taxpayers disposing of residential property.
- The abolition of the Furnished Holiday Lettings regime.
- Reform of non-domicile taxation.
- The VAT threshold will also rise by £5,000.
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