HMRC have published the outcome of their review into how Making Tax Digital (MTD) for Income Tax will address the needs of small businesses. This has resulted in some proposed changes to how it will be introduced in 2026.
SME Tax News
As announced as part of the Autumn Statement, the government has published a technical consultation on changes to the capital allowances system, with the aim of simplifying the tax system.
HMRC have published responses to the consultation ‘Expanding the cash basis’ which asked for taxpayer views on various options to extend and simplify the Self-employed Cash Basis, a simplified way of calculating taxable profits for Income Tax purposes.
HMRC have published new advisory fuel rates for company car drivers which apply from 1 December 2023.
The Public Accounts Committee's (PAC) report on ‘Progress in Making Tax Digital’ reveals grave concerns over the project’s spiralling costs, design flaws and missed deadlines. It has issued five recommendations for HMRC to follow.
Hello,
This week we have our take on yesterday's Autumn Statement, updates to some of our guides and some more topical case updates.
In HMRC v Fisher & Anor and HMRC v Fisher Respondent No 2 [2023] UKSC 44, the Supreme Court held that the transfer of a business to Gibraltar could not be a Transfer of Assets Abroad as it was not made by the individual shareholders but by a company owned by them.
In Gary Ives v HMRC [2023] TC08989, the First Tier Tribunal (FTT) found that the appellant was not carrying on a trade by renovating and selling three successive properties. These were family homes subject to Capital Gains Tax (CGT) and, as such, Private Residence Relief (PRR) applied.
In Access Contracting Services Ltd v HMRC [2023] TC08994, the First Tier Tribunal (FTT) found that a company had not taken reasonable care to comply with the Construction Industry Scheme (CIS) regulations. The FTT upheld HMRC’s assessment of CIS under-deducted from subcontractors.
HMRC have issued their Agent Update for November 2023. We have summarised the key content for you with links to our detailed guidance on the topics covered.