SME Tax News

The Department for Levelling Up, Housing & Communities has opened 'Consultation on timescales for repairs in the social rented sector' on Awaab's Law with cost implications for private landlords.

For over twenty years more than 700 sub-postmasters were wrongly prosecuted for fraud by the Post Office. In January 2024 the Government announced a 'mass exoneration' to clear their criminal convictions and agreeing to make an upfront payment of £75,000 in extra compensation.

HMRC's latest One-To-Many letter campaign targets landlords claiming tax relief on high levels of repair costs.

Happy New Year!

We start the year with last minute tips for Self Assessment and a new Agent Update; noting that the Spring Budget is set for 6 March and that a new condoc considers transparency for land-holding trusts.

The Chancellor, Jeremy Hunt, has announced that he will present his Spring Budget on Wednesday 6 March 2024. HM Treasury is inviting representations for the budget, from stakeholders. 

HMRC have issued their Agent Update for December 2023. We have summarised the key content for you with links to our detailed guidance on the topics covered.

In MW High Tech Projects UK Limited v HMRC [2023] TC09011 a company was unable to make a valid claim for a Research and Development Expenditure Credit (RDEC) as it had failed to prepare accounts on the 'going concern' basis.

In The Legend of the Golden Temple & Others v HMRC [2023] TC08999 ten companies created by a common director were disqualified from the Seed Enterprise Investment Scheme (SEIS), for failing to meet the risk-to-capital condition, the trading condition and the shares requirement. Creating ten companies to perform the work of one evidenced a Disqualifying Arrangement too.

A new government's consultation, ‘Transparency of land ownership involving trusts’ explores widening access to trust information held on the Register of Overseas Entities, as well as considering how the ownership of land by trusts can be made more transparent.