In GW Martin & Co Ltd & Anor v HMRC [2025] TC09650, the First Tier Tribunal (FTT) found that payments made under a tax avoidance scheme were taxable as employment earnings under s.62 ITEPA 2003 and s.3 SSCBA 1992.
SME Tax News
The Final Budget 2026-27 for Wales was published on 20 January 2026 and approved by the Senedd on 27 January 2026, ultimately passing its proposals. It had been announced by Mark Drakeford, Cabinet Secretary for Finance and Welsh Language, on 14 October 2025.
Shona Robison MSP, Scottish Cabinet Secretary for Finance and Local Government, has confirmed that the 2026-27 Scottish Budget will be published on Tuesday, 13 January 2026. This is two days earlier than previously expected.
Missed our SME Tax Updates in September? Here is a summary of the month.
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With the introduction of the first phase of Making Tax Digital for Income Tax (MTD for IT) less than six months away, HMRC have published guidance on how to apply for an exemption when taxpayers are considered 'digitally excluded'.
The Office for National Statistics (ONS) has published a correction to the Public Sector Finance figures because HMRC made mistakes in calculating VAT income. HMRC's error gives the Chancellor an extra £2.4 billion in VAT cash receipts and lowers UK borrowing by around £1bn in FYE March 2025.
In Investment and Securities Trust Limited v HMRC [2025] UKUT 00331, the Upper Tribunal (UT) found that a company was entitled to Annual Tax on Enveloped Dwellings (ATED) relief as it held an option over a property exclusively for the purpose of developing and reselling that property, in the course of its property development trade.
HMRC's 'big data' system, Connect, has brought in £4.6bn of additional tax in the 2024-25 tax year that would otherwise have been uncollected. The increase of 35% above the estimated average annual amount collected comes from the tax gap, says international law firm Pinsent Masons, following a Freedom of Information (FOI) request.
With the Chancellor's 2025 Autumn Budget set for 26 November, and an increasingly challenging economic outlook, we consider what tax changes might be announced when Rachel Reeves stands at the Dispatch Box next month.
HMRC have published new guidance on applying for an exemption from Making Tax Digital (MTD) for Income Tax for those who are digitally excluded.
