Finance Bill 2024-25 received Royal Assent on 20 March 2025 to become Finance Act 2025. It contains a number of key measures, including the abolition of the Furnished Holiday Letting and non-domicile tax regimes.
SME Tax News
HMRC have published their Agent Update for March 2025. We have summarised the key content with links to our detailed guidance on the topics covered, including changes to company size thresholds for Off-Payroll Working, reporting payrolled benefits for self-assessment and student loan purposes, and changes to the claims process for Creative Industries Tax Reliefs.
Hello,
With the Chancellor’s Spring Statement just a few days away, there is a little less tax news than normal this week. As a result, we continue to focus on planning around the end of the tax year, and we explore some particularly interesting court and tribunal decisions.
HMRC are calling for clients of Tax Credits Ltd who made paper form applications for tax assignments from 1 January to 26 October 2022 to contact them. This follows a successful ongoing Account Forfeiture Order on the bank accounts of Tax Credits Ltd and prior to the distribution of its assets to the state.
In PD & MJ Limited v HMRC [2025] UKUT 00094, the Upper Tribunal (UT) found that Sky Sports presenter, Phil Thompson, was an employee for Income Tax and National Insurance purposes.
HMRC have released a calculator for those affected by the 2024-25 change in Capital Gains Tax (CGT) rates. Taxpayers using HMRC's online tax return filing service may need to use this tool to calculate a CGT 'adjustment figure', as the tax return calculation will not automatically calculate CGT at the new main rates where they apply.
In Executors for the Estate of the late Gertrud Tanner v HMRC [2025] TC09456, the First Tier Tribunal (FTT) found that a Furnished Holiday Letting business did not qualify for Business Property Relief (BPR). The business was mainly one of holding investments.
In Orsted West of Duddon Sands (UK) Limited & Ors v HMRC [2025] EWCA Civ 279, the Court of Appeal (CoA) applied a wider interpretation to the term ‘on the provision of plant', than previous tribunals. This meant that the cost of preliminary studies relating to offshore wind farms qualified for capital allowances.
Hello,
News this week includes a proposed reporting easement for ‘side-hustlers’ and a new service for tax agents to escalate and resolve self-assessment and PAYE queries with HMRC. We also continue to look forward to the new tax year, with a range of new and updated guides and resources.
In John Strange v HMRC [2025] TC09448, the First Tier Tribunal (FTT) upheld a Personal Liability Notice (PLN) issued to a company’s sole director. The company’s failure to pay National Insurance (NI) over a 22-month period was attributable to neglect on the director's part.
