HMRC has published a response to its consultation ‘Simplifying and modernising HMRC's Income Tax services through the tax administration framework’. Several improvements and legislative changes are planned to promote a 'digital by default' approach and improve systems around tax codes.
SME Tax News
HMRC have published new advisory fuel rates for company car drivers which apply from 1 March 2024.
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They say that a week is a long time in politics; the same is sometimes true in tax! HMRC’s plan to change the classification of double cab pick-ups for employment benefit and Capital Allowance purposes back-fired over the weekend, due to pressure from industry lobby groups. This led to a reversal in policy (a U-turn!). The result is that double cab pick-ups remain vans and are not cars.
Annual Investment Allowance (AIA) claims within groups and between companies under common control can be complicated. HMRC are writing to corporate groups and related companies that may have exceeded the AIA limit.
Companies House has given notices of a rise in its fees and the costs of Registration of an Overseas Entity have increased by 134%. Who realised that there is a cost to remove an Entity from the ROE?
In 2015, a senior Deutsche Bank employee sacked in the fallout of the 2012 Libor rigging scandal, received £6m in compensation for unfair dismissal. The Upper Tribunal (UT) confirmed that the amount was taxable under PAYE and rejected the taxpayer's claim that the payment was received as a result of discrimination and was outside employment income.
The government has provided an update on the proposed registration scheme for short-term lets in England, and announced measures which will require planning permission for future short-term lets.
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HMRC have updated their list of free and paid-for recognised payroll software used to report PAYE online. HMRC emphasise that they do not recommend one product or service over another and are not responsible for any problems with the software you’ve bought.
Days after announcing that HMRC was going to make business owners reclassify their double cab pick-ups as ‘cars’ for employment benefit and capital allowance purposes, HMRC has changed its policy.
HMRC has been forced to abandon a new policy proposal that would have seen van owners having to reassess and potentially reclassify double cab pick-up vehicles as ‘cars’ for employment benefit and capital allowance purposes.