HMRC's interest rates are decreasing by 0.25%, to 8.00% for late payment interest and 3.00% for repayment interest, from 27 August 2025.
SME Tax News
In Parwinder Gill v HMRC [2025] TC09602, the First Tier Tribunal (FTT) allowed an application to reinstate an appeal previously struck out due to the taxpayer's failure to comply with directions. The taxpayer had a reasonable excuse, as his adviser did not inform him of his responsibilities.
In York SD Limited and Ors v HMRC [2025] TC09589, the First Tier Tribunal (FTT) denied the taxpayers’ Enterprise Investment Scheme (EIS) relief claim, ruling that preliminary work without a profit motive was not genuine trading. Main projects which were still incomplete at the two-year deadline could not be treated as qualifying business activities.
HMRC have published their latest statistics on Inheritance Tax (IHT), showing that receipts reached record levels in 2022-23. This was despite less than 5% of estates paying IHT, and the value of Agricultural Property Relief (APR) and Business Property Relief (BPR) claims increasing by 24% and 17% respectively.
Hello,
The adjustment of business expenses for private use, Corporation Tax marginal relief, Stamp Duty Land Tax (SDLT) repayment claims and the mandatory registration with HMRC of tax advisers are among this week’s hot topics.
HMRC have issued a warning to taxpayers to be vigilant of tax agents offering to secure Stamp Duty Land Tax (SDLT) repayments on certain property purchases.
The Chartered Institute of Taxation (CIOT) has announced that HMRC intend to run a digital campaign aimed at highlighting problems with private use adjustments in respect of business expenses reported via Self Assessment returns.
Missed our SME Tax Updates in June? Here is a summary of the month.
Hello,
It has been another busy week in tax, with news of HMRC cutting back on Corporation Tax letters, an update on the recovery of Winter Fuel Payments through the tax system and more AI hallucinations. This time, three made-up cases were cited by a taxpayer before the Upper Tribunal, due to the use of AI.
As part of HMRC's efforts to improve its services by sending and receiving taxpayer information digitally, they are no longer sending CT208 Corporation Tax reminder letters on a trial basis.
