Employers, Shareholders in Owner-Managed Businesses (OMBs) and Self-Employed individuals will be required to disclose a range of new information to HMRC from 6 April 2025.
SME Tax News
Footballer Baye Oumar Niasse's appeal for a deduction of fees paid to his agent failed at the First Tier Tribunal (FTT). The fees were not deductible under the general employee expense rule nor the special rules for entertainers.
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Employers may appreciate changes as to how advance payments on salaries and wages will be treated from 6 April 2024 under Real-Time Information Reporting (RTI). New rules simplify payroll reporting.
Further to last week's Spring Budget 2024, the government will provide updates on and publish the details of further tax measures on 18 April 2024 during 'Tax Administration and Maintenance Day'. It assures us that 'None of these announcements will require legislation in Spring Finance Bill 2024 or have an impact on the government’s finances at this stage.'
The reporting requirements for employers providing salary advances to employees will change from 6 April 2024.
A claim under the Self-Employment Income Support Scheme (SEISS) was denied by the First Tier Tribunal (FTT). Despite receiving invitations to apply for SEISS from HMRC, the taxpayer was never entitled to claim under the scheme.
In a case with a twist, HMRC used their Schedule 36 Information Powers to request the relevant data of an opaque offshore entity. This sort of request should become less frequent since the UK introduced a Register of Overseas Entities.
A new consultation considers the way that the UK will implement the OECD Cryptoasset Reporting Framework and amendments to the Common Reporting Standard. It seeks views on the extensions to domestic reporting.
A two per cent minimum wealth tax on billionaires has been proposed to G20 members by the chairman of the G20, Brazilian Finance Minister Fernando Haddad. Based on research from the EU Tax Observatory, he said the primary aim of the proposed tax would be to tackle rampant tax evasion.
February's Hot Cases returns with our pick of useful cases for accountants and advisors including a £6m unfair dismissal payment found taxable, a military defence fails HCBIC attack and 'clever' schemes to avoid tax on properties fail and fail again.