In Acorn Venture Ltd v HMRC [2023] TC09006, the First Tier Tribunal (FTT) found that basic camping pods provided to school children for residential adventure holidays qualified for plant and machinery capital allowances. Pods with greater facilities, for teachers, did not qualify for Capital Allowances.
SME Tax News
Hello,
This week we have more details from last week's Autumn Statement and we note that the latest Finance Bill has now been published covering the proposed changes. As this bill is well over three hundred pages long it might take us a minute to go through it all!
As part of the Autumn Statement, the Chancellor announced more generous reliefs for Audio-Visual expenditure and published a Call for Evidence to consult on the policy design.
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.
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.