HMRC have published their Employer Bulletin for October 2024. We have summarised the key content for you, with links to our detailed guidance on the topics covered.
SME Tax News
In Marisa Lincoln v HMRC [2024] TC09306, the First Tier Tribunal (FTT) found that an interest in properties situated in Malta held by a deceased individual was subject to UK Inheritance Tax (IHT).
An expert panel established by the previous Government has published its report on initiating a corporate re-domiciliation regime. Further consultation is expected to move the proposals forward.
The Government has published a summary of responses to the 'Non-financial reporting review: simpler corporate reporting' consultation held earlier this year.
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Our highlights this week: HMRC introduces a new claims process for employee expenses, there is useful case law on the timing of dividend payments and the meaning of residential property for SDLT, we have created a detailed suite of new R&D guidance, new CPD webinars and a new case study on buying out a retiring shareholder.
HMRC are implementing new evidence requirements from 14 October 2024 for standalone claims for employment expenses. HMRC have identified a growing tax risk from ineligible claims.
In Amarjeet and Tajinder Mudan v HMRC [2024] UT307, the Upper Tribunal rejected a claim that a property was too dilapidated and vandalised to make it suitable for use as a dwelling. Despite its poor condition, it remained 'residential' at the time of purchase for Stamp Duty Land Tax (SDLT).
In HMRC v Peter Gould [2024] UKUT 00285, the Upper Tribunal (UT) found that an interim dividend paid to two shareholders on different dates was taxable in different tax years.
On 4 October 2024, HMRC e-mailed tax agents to request that they provide details of their agent codes for Self Assessment, VAT and Corporation Tax by 8 November 2024. This deadline has now been extended to 6 December 2024.
HMRC's latest one-to-many letter campaigns focus on agents who have submitted provisional returns for clients without subsequent amendment, and Gas Safe Engineers who may need to register for self-assessment.
