The European Union is going to introduce a €7 visitor visa fee in 2024. Non-EU citizens and travellers from outside the Schengen zone, including the British, will have to pay a €7 application to enter.
SME Tax News
HMRC have recently commenced another one-to-many letter campaign, this time focusing on Gift Aid repayment claims by charities.
In Shinelock Limited v HMRC [2023] UKUT 107, the Upper Tribunal (UT) found that a loan relationship debit requires recognition in the Profit & Loss Account in order to be taken into account for Corporation Tax purposes. Instead, the payment was a distribution.
In Bhaur & Ors v Equity First Trustees (Nevis) Ltd & Ors [2022] EWCA (Civ) 534, an IHT-saving property partnership incorporation scheme involving a complex offshore Employee Benefit Trust could not be reversed on the grounds of a mistake about its tax consequences. It was highly artificial tax avoidance which Mr Bhaur decided to enter into despite knowing the risk of a HMRC challenge.
Hello
We have a diverse collection of news items for you this week. We pondered as to whether your average SME owner or adviser would be interested in 'Tonnage Tax'. At least one of us had seen this apply to a client of a small practice and we concluded that as this is something of a rarity: a new election to apply this tax, it was better to mention it than to stay silent on the matter.
Several accounting bodies have a requirement for members to have CPD that is independently verifiable. Depending upon demand, we can offer a service which tracks your time for you when reading and researching tax problems and viewing CPD webinars on this site. What kind of CPD do you want these days? We would love to hear your views.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 June 2023.
Jersey, Guernsey and the Isle of Man have jointly agreed to adopt the 15% global minimum tax rate, as set out as part of the OECD's Pillar two.
HMRC is urging employees that they can claim for employment-related expenses directly from the Gov.uk website each year. Currently 70% of claimants are using repayment agents, who often take a hefty cut of any tax refund due.
The Department for Business and Trade has launched a call for evidence ‘Smarter regulation non-financial reporting review’ which explores the costs and benefits of producing non-financial information and whether the company size thresholds remain appropriate.