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Mar 17, 2024 | 
taxjournal.com | Mark Bevington |Andrew Marr |Mike Lane |Paul Farey
Firstly, some background: the new combined R&D Expenditure Credit rules in FA 2024 appear to have all the right intentions. One unified regime for companies of all sizes? Inherently more sensible than a special SME regime. Clarity on which party in the R&D supply chain should get the credit? That too is hard not to welcome, unless you are the loser under an existing contract.
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Mar 17, 2024 | 
taxjournal.com | Mark Bevington |Andrew Marr |Mike Lane |Paul Farey
Home >Articles > Are trusts an appropriate vehicle to hold shares in a family business? Are trusts an appropriate vehicle to hold shares in a family business? © Copyright LexisNexis 2024. All rights reserved.
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Mar 14, 2024 | 
taxjournal.com | Andrew Marr |Mike Lane |Paul Farey |David Whiscombe
Alternative financeHMRC are consulting until 9 April 2024 on reforms that would address the difference in CGT treatment when a commercial or residential property is refinanced using alternative rather than conventional finance methods. Comments are also invited on the extent to which capital allowances issues arise for those using alternative financing. Closes: 9 April.
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Mar 14, 2024 | 
taxjournal.com | Andrew Marr |Mike Lane |Paul Farey |David Whiscombe
Business Income Manual Updated: BIM35660 As per the announcement at Spring Budget 2024 HMRC has published new guidance around the tax deductibility of training costs for sole traders and the self-employed (see News Analysis: Spring Budget 2024—Tax analysis—Business and enterprise). This update to the Business Income Manual expands on the pre-existing guidance and replicates the recently published 11 examples.
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Mar 13, 2024 | 
taxjournal.com | Andrew Marr |Mike Lane |Paul Farey |David Whiscombe
Home >Articles > VAT: notifying option to tax
VAT: notifying option to tax
13 March 2024
HMRC have updated VAT Notice 742A . The Notice now reflects current practice that HMRC no longer sends an acknowledgement letter on receipt of an option to tax. Where notification of an option to tax is sent by email, businesses will receive an automated response from HMRC which should be retained. Notifications sent in by post will not be acknowledged.
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Mar 13, 2024 | 
taxjournal.com | Andrew Marr |Mike Lane |Paul Farey |David Whiscombe
Home >Articles > VAT thresholds increased
VAT thresholds increased
13 March 2024
The Value Added Tax (Increase of Registration Limits) Order, SI 2024/307, increases the VAT registration and deregistration thresholds from 1 April 2024 as follows:VAT registration threshold: £90,000; andVAT deregistration threshold: £88,000. The Order also increases the VAT registration and deregistration thresholds for acquisitions in Northern Ireland from EU member states to £90,000.
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Mar 13, 2024 | 
taxjournal.com | Andrew Marr |Mike Lane |Paul Farey |David Whiscombe
Home >Articles > Paternity leave changes finalised Paternity leave changes finalised 13 March 2024 The Paternity Leave (Amendment) Regulations, SI 2024/329, provide the necessary revisions to paternity leave rules, to fulfil the following policy changes from 6 April 2024: statutory paternity pay (SPP) will be available for two, non-consecutive weeks of statutory paternity leave while the existing option of taking all the leave in a single block will remain; SPP will be available where...
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Mar 13, 2024 | 
taxjournal.com | Andrew Marr |Mike Lane |Paul Farey |David Whiscombe
The Research and Development (Chapter 2 Relief) Regulations, SI 2024/348, provide an alternative approach to claiming relief under the new R&D scheme from 1 April 2024, specifically for SMEs whose registered office is in Northern Ireland.
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Mar 13, 2024 | 
taxjournal.com | Andrew Marr |Mike Lane |Paul Farey |David Whiscombe
The Income Tax (Pay As You Earn) (Amendment) Regulations, SI 2024/305, simplify the reporting process for employers in respect of a salary advance made to an employee, so that salary advance can be reported on or before the employee’s contractual pay day, thus avoiding having to report the advance and the regular salary payment separately. In essence, the reporting of the advance will be delayed until the remainder of the salary instalment is paid. The change applies from 6 April 2024.
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Mar 13, 2024 | 
taxjournal.com | Andrew Marr |Mike Lane |Paul Farey |David Whiscombe
Home >Articles > Tax exemption for new benefits
Tax exemption for new benefits
13 March 2024
The Income Tax (Exemption of Social Security Benefits) Regulations, SI 2024/287, exempt the following two new social security benefits from income tax:the Scottish Government’s Parental Transitions Support scheme; andthe Department for Work and Pensions’ Jobs Plus Pilot scheme. Both schemes are being introduced from 1 April 2024 and the income tax exemption applies from that date.
