Hello,
This week we explore HMRC’s latest Agent Update, discrepancies with corporate losses, a new report on Anti-Money Laundering (AML) supervision and clarifications to the legal status of digital assets.
SME Tax News
In Kevin McCabe v HMRC [2024] UT 280, a taxpayer’s plan to move abroad to avoid UK tax failed when the Upper Tribunal ruled him UK resident according to the tie-breaker clauses in a Double Tax Agreement (DTA).
Nichola Ross Martin attended a number of AI-centred events at the government's party conference to obtain insights from representatives from Open AI, Meta, Google etc. Obviously, the big players in AI are not likely to give away their Intellectual Property (IP) and tell us too much. This piece provides a briefing for our subscribers who would like a bit of an insight into what we (Rossmartin Tax) think about Artificial Intelligence (AI), its limitations and thoughts on our future plans.
The professional bodies supervising anti-money laundering enforcement amongst their members have been told by the Office for Professional Body Anti-Money Laundering Supervision (OPBAS) that improvements need to be made. While most Professional Body Supervisors (PBSs) comply with the regulatory requirements, "pockets of ineffectiveness remain".
The Administrative Burdens Advisory Board (ABAB) has released its 'Tell ABAB report 2023 to 2024'. This demonstrates a lack of awareness around Making Tax Digital (MTD) for Income Tax, poor channels of communication with HMRC and a worsening 'customer experience'.
HMRC are writing to companies and their tax agents where they have identified inconsistencies between CT600s and the accompanying tax computations, relating to corporate losses.
The Property (Digital Assets etc) Bill has been introduced to Parliament aiming to clarify the law surrounding digital assets, including cryptocurrency.
HMRC have published their Agent Update for September 2024. It includes several changes in HMRC banking details, a new allowance for Neonatal Care and VAT compliance notes. We have summarised the key content with links to our detailed guidance on the topics covered.
Hello,
There is something of a 'Budget theme' this week. The Budget Responsibility Act 2024 has received Royal Assent and the dates of the Scottish and Welsh budgets have been announced. If you are acting for clients in the hospitality sector do note the changes on tips, there is also a deadline reminder for R&D claims, and summaries of a range of useful decisions from the courts and tribunals.
Companies with a 31 March 2024 year-end must submit an R&D claim notification by 30 September 2024 if the company is claiming R&D relief for the first time or hasn’t made a claim in the three years before the claim notification deadline.
