HM Treasury has opened a consultation seeking views on how to design and implement a UK-focused ISA.
SME Tax News
Hello,
Our main news this week of course centres on the Spring Budget. We also review HMRC's new views on tax relief for training costs. Our cases feature the first ever appeal against the withdrawal of COVID-19 'Eat Out to Help Out Scheme', whether property was a trade or investment for Business Asset Disposal Relief (BADR), and the tribunal had to sample Nakd and Organix bars. Hopefully not stale ones this time!
HMRC have just revised their guidance on tax relief for business owner's training courses. They now say that learning a new skill in a new area will be tax-deductible against profits if 'wholly and exclusively' incurred for any 'ancillary purposes' of the trade or business.
HMRC's challenge to a restaurant's claim for support payments under the Eat Out to Help Out Scheme (EOHOS) failed at the First Tier Tribunal (FTT). This is the first FTT case considering the EOHOS.
HM Treasury has published a response to the 2023 consultation ‘Taxation of environmental land management and ecosystem service markets’. Agricultural Property Relief (APR) will be extended to cover environmental land management from 6 April 2025.
An attempt to claim Entrepreneurs' Relief (ER) on liquidation distributions was denied by the First Tier Tribunal (FTT). It was found that the company in liquidation had never commenced trading. Simply attempting to enhance the value of land acquired before its disposal is not sufficient to amount to trade.
The Chancellor of the Exchequer Jeremy Hunt made his Spring Budget 2024 announcement on 6 March 2024 these are the live highlights of the speech.
For our full summary of the budget publications see: Spring Budget 2024: At a glance
HMRC have published the quarterly statistics for Tax-free Childcare for the period ending 31 December 2023. There is reduced usage for the scheme but a greater overall spend.
Missed our SME Tax Web-updates in February? Here is a summary of the month.
Hello,
February has been an extremely busy month and this is reflected in the content of this week's Web-update. We are taking a look at HMRC's latest Agent Update and Employer Bulletin, having a speed-read-refresher on the key measures in the new Finance Act, there are a couple of new consultations from HMRC on administration and powers and, of course, we have reviewed some interesting cases, including two from the Upper Tribunal (UT).