Happy New Year!
We are back with a review of the top tax hits of 2024, we review HMRC's latest Agent Update and bring news of a new R&D disclosure service and consultation on interest.
SME Tax News
2024 has been a year to remember in tax thanks largely to the effect of the General Election, which resulted in a change in government, which in turn resulted in two Budgets. We review our Top Ten Tax Hits of 2024.
HMRC have published their Agent Update for December 2024. We have summarised the key content with links to our detailed guidance on the topics covered, including guidance for Corporation Tax quarterly instalment payers, P800 tax calculation delays, and voluntary National Insurance Contributions.
HMRC have launched a consultation 'Simplifying the Taxation of Offshore Interest'. This seeks views on addressing challenges arising from information on offshore interest often being provided to taxpayers and HMRC on a calendar year basis rather than a UK tax year basis.
In Stage One Creative Services Limited v HMRC [2024] TC09358, a company's claim for SME R&D tax relief was upheld by the FTT, which found that the relevant expenditure was not subsidised nor was it incurred in relation to activities which were contracted out to it.
Best wishes from all the team here at Rossmartin.co.uk and looking forward to a dazzling 2025 now we have joined up with our buddies at 2020 Innovation Training.
Hello
We have a seasonal special for you this week with top tips for Self Assessment and interesting news and cases, including a freezing order on perpetrators of a massive NHS PAYE fraud and a review of an EU regulation that affects many UK businesses selling online in the EU and NI.
The Chancellor, Rachel Reeves, has confirmed to the House of Commons that the Office for Budget Responsibility (OBR) has been commissioned for an Economic and Fiscal Forecast which will be published on 26 March 2025. This will not be another Budget.
The 2025-26 flat rate van benefit charge, flat rate van fuel benefit charge and car fuel benefit multiplier have been confirmed. 
In Ducas Ltd, Enix Services Ltd and FL Capital Holdings Ltd v HMRC [2024] EHHC3132, the High Court (HC) granted HMRC the power to freeze assets for the three companies who are thought to be participants in fraudulent PAYE and NIC arrangements.
