The UK government has launched a £200m Sustainable Innovation Fund in an effort to support new projects focusing on sustainable economic recovery from COVID-19. Round one funding is already open.
SME Tax News
HM Treasury has published the result of its 2019 review of the Women in Finance Charter. It analyses data received from 187 firms and reviews their progress against their Charter commitments.
Hello
There are definitely signs that some elements of life are returning to normal although I do keep thinking of the scene in the film 'Joker' where Arthur says to his social worker "Is it me or is it getting crazier out there?" Everyday brings some new unexpected news. We have picked out the SME highlights for this week and we have updated some of our guides for those businesses that are now allowed to reopen and we feature a series of guides for those who are keen to invest in a new future.
In Anthony Ashbolt and Simon Arundell v HMRC & anor [2020] BTC 17, an application for judicial review over a decision that allowed HMRC to issue search and seizure warrants in respect of financial advisers who used a disguised remuneration scheme was denied. HMRC had good reason to issue the warrants due to the risk that that relevant evidence might be destroyed, concealed, fabricated, or that collusion might take place between the suspects and/or the scheme promoters.
In Archibald & Anor v Alexander [2020] EWHC 1621 (Ch), the High Court held that a property owned by one sibling was held on constructive trust for her brother and sister who were not on the title deeds. This was the family’s intention when the property was purchased.
HMRC have published 'Electronic sales suppression - summary of responses'. This follows its 2019 consultation on Electronic Sales Suppression (ESS). ESS is a growing problem and it occurs where businesses manipulate electronic sales records, either during or after the point of sale, in order to hide or reduce the value of individual transactions.
Despite the COVID-19 lockdown continuing into July, it looks like being a busy month for businesses and their accountants with a long list of things to do before the end of the month.
HMRC have been contacting individuals with disguised remuneration loans to see if they wish to conclude settlement of their tax liabilities ahead of the loan charge deadline of 30 September 2020.