Finance (No. 2) Act 2024 contents (as enacted) with links to our guides on the relevant topics. With a general election held on July 4th, 2024 is all set to be a year of three Finance Acts.
This contains measures introduced at March’s Spring Budget and received Royal Assent on 24 May 2024
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.
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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.
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.
The reporting requirements for employers providing salary advances to employees will change from 6 April 2024.
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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!
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