SME Tax News

In Mr and Mrs Murphy v HMRC [2024] TC9324, the FTT calculated that the chargeable consideration created under a failed Stamp Duty Land Tax (SDLT) sub-sale scheme was substantially greater than the chargeable consideration on the actual sales proceeds of the property.

In Syngenta Holdings Limited (SHL) v HMRC [2024] TC0934, the First Tier Tribunal (FTT) ruled that SHL's decision to enter into a loan was driven by the wider group strategy to obtain a tax advantage. The main purpose of securing this tax advantage rendered the loan to have an unallowable purpose.

In Sinter Site Services Ltd v HMRC [2024] TC09343, the First Tier Tribunal (FTT) found that a family company's Coronavirus support claims for its various family members employees were calculated on future unpaid earnings and were excessive.

HMRC have published new advisory fuel rates for company car drivers that apply from 1 December 2024. 

What is the Private Intermittent Securities and Capital Exchange System (PISCES)? 

HMRC have published their Agent Update for November 2024. We have summarised the key content with links to our detailed guidance on the topics covered, including changes to CIS on traffic management works, updates to the payrolling of benefits, and common errors in claiming double tax relief.

HMRC have published the summary of responses for their 'Consultation on additional tax relief for visual effects costs'. The consultation outlined the scope of visual effects and how the additional tax relief will work.

In Refinitiv Ltd & Ors v HMRC [2024] EWCA Civ 1412, the Court of Appeal (CoA) held that Diverted Profits Tax (DPT) notices were correctly issued and were not inconsistent with an Advance Pricing Agreement (APA), as the five-year term to which the APA applied had expired.

In light of the substantial increase in the National Living Wage (NLW) and National Minimum Wage (NMW) rates From April 25, it is crucial for employers to understand the implications and risks. Jeni Morris, Head of EY National Minimum Wage Technical Team, explores the key risk areas and identifies who might be most vulnerable.