Hello,
This week, we look at HMRC’s latest Employer Bulletin, which provides various updates for the 2025-26 tax year and guidance on reporting 2024-25 expenses and benefits. In addition, we examine two First Tier Tribunal (FTT) decisions, with one being in the context of an overdrawn director’s loan account.
The Federation of Small Businesses (FSB) has released a report, 'Taking a Toll: Small businesses and the cost of Tax Compliance'. The comprehensive document reports that small firms collectively spend over 27,000 years and nearly £25 billion per year on tax compliance, and reducing these levels would boost UK productivity.
HMRC have published their Agent Update for April 2025. We have summarised the key content with links to our detailed guidance on the topics covered. This month's update includes PAYE Settlement Agreement (PSA) determinations for 2023-24 and the latest on reporting company appointments for the Corporate Interest Restriction (CIR).
In Hani and Diana Gabra v HMRC [2025] TC09473, the First Tier Tribunal (FTT) found that Multiple Dwellings Relief (MDR) for Stamp Duty Land Tax (SDLT) purposes was not available on the purchase of a house with a separate annexe. The annexe lacked the facilities to meet basic domestic living needs.
Hello,
There is something of a VAT theme this week, as we explore the latest decision on mobile app ride-hailing and the Tour Operators Margin Scheme (TOMS), the ongoing saga of the VAT treatment of Mega Marshmallows, and the new VAT road fuel scale charges which apply from 1 May 2025.
HMRC have published the Employer Bulletin for April 2025, which includes various updates for the 2025-26 tax year, as well as guidance on reporting 2024-25 expenses and benefits. We have summarised the key content for you, with links to our detailed guidance on the topics covered.
In Gary Quillan v HMRC [2025] TC09487, the First Tier Tribunal (FTT) found that no Income Tax charge arose on an overdrawn director's loan from a company in insolvency, as the loan had not been formally released or written off.
Hello,
This week we examine the newly published 2024-25 tax return, provide an important reminder for some Furnished Holiday Let owners and report HMRC's security concerns surrounding Self Assessment repayments.
As we're now counting down to Making Tax Digital (MTD) for Income Tax, HMRC’s MTD Team held an event for tax agents at Canary Wharf this week. We look at the practical suggestions arising from that session.
HMRC have stopped issuing Self Assessment repayments over the telephone, webchat and the Agent Dedicated Line (ADL). According to the Institute of Chartered Accountants in England and Wales (ICAEW), HMRC have quoted 'security concerns' for the suspension.
