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SME Tax News
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This week we have more details from last week's Autumn Statement and we note that the latest Finance Bill has now been published covering the proposed changes. As this bill is well over three hundred pages long it might take us a minute to go through it all!
HMRC have published the outcome of their review into how Making Tax Digital (MTD) for Income Tax will address the needs of small businesses. This has resulted in some proposed changes to how it will be introduced in 2026.
As announced as part of the Autumn Statement, the government has published a technical consultation on changes to the capital allowances system, with the aim of simplifying the tax system.
HMRC have published responses to the consultation ‘Expanding the cash basis’ which asked for taxpayer views on various options to extend and simplify the Self-employed Cash Basis, a simplified way of calculating taxable profits for Income Tax purposes.
As part of the Autumn Statement, the Chancellor announced more generous reliefs for Audio-Visual expenditure and published a Call for Evidence to consult on the policy design.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 December 2023.
The Public Accounts Committee's (PAC) report on ‘Progress in Making Tax Digital’ reveals grave concerns over the project’s spiralling costs, design flaws and missed deadlines. It has issued five recommendations for HMRC to follow.
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SME Tax News Article Count: 541
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