The Scottish Government has passed the Visitor Levy (Scotland) Bill. This Bill will give councils the power to introduce a local tax on visitors to their area, from 2026.
Nichola's SME Tax W-update 30 May 2024
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When does a pool car qualify as a pool car? When it meets the relevant qualifying conditions of course! Our tax case this week features an unfortunate situation where an HMRC inspector tried to help an employer set a carpool policy. Unfortunately, the employer misinterpreted the rules, the qualifying conditions for tax-free pooling were not met, and HMRC raised an assessment.
Non-resident companies miss Corporation Tax rate changes
HMRC have updated their guidance to assist non-UK resident companies who have missed the 2023 changes to Corporation Tax and have been applying the wrong rate of tax to their profits.
Nichola's SME Tax W-update 23 May 2024
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The Transactions in Securities (TiS) rules cast an extremely wide snare. In a nutshell, they seek to block Capital Gains Tax (CGT) relief where a shareholder seeks to gain an Income Tax advantage on a disposal of shares (or securities). The First Tier Tribunal (FTT) has released its judgment in a fascinating TiS case.
Early election pauses non-dom and other reforms
The Prime Minister Rishi Sunak has announced that the general election will be held on 4 July 2024. As a result, ongoing live consultative work with stakeholders will be paused during the pre-election period. 2024 is another interesting year for tax advisers and it's highly probable that any winner of the election will hold an Autumn budget.
Nichola's SME Tax News from Accountex 16 May 2024
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We have all been at the Accountex show this week. It has been very well attended, and now that we are over the COVID slump it seems that almost everyone is out and about and back to 'in-person' events. It's great to be back networking, hearing feedback from our lovely subscribers and and it gives a us a good chance to demonstrate our amazing tax resources to potential new customers.
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