Happy New Year everyone,
We hope that you all had a relaxing break. Although we are starting 2021 in our third national lockdown, we hope to provide you with as much support and assistance as we can.
SME Tax News
In Fortune Foods UK Limited v HMRC [2021] TC07952, 'ignorance of the new law' was not accepted as a reasonable excuse for late filing of a Soft Drinks Industry Levy return.
In Development Securities plc & Others v HMRC [2020] EWCA Civ 1705, the Court of Appeal (CA) upheld the First Tier Tribunal's (FTT) decision that Jersey subsidiaries were UK resident due to the control exerted by the UK parent company.
HM Treasury is asking for representations ahead of Budget 2021, which will be held on 3 March 2020.
In HMRC v Stephen Warshaw [2020] UKUT 0366, the Upper Tribunal (UT) dismissed a HMRC appeal against a claim for Entrepreneurs' Relief: 10% cumulative preferential shares qualified as ordinary share capital.
Missed our SME Tax Web-updates in December? Here is a summary of the month.
Hello
As a frightful year comes to a close, I hope you enjoy some of our seasonal content in this our 2020 Tax Annual bumper edition.
Take a break from 2019/20 self assessment returns and enjoy our 2020 tax quiz.
A Christmas quiz
Set by one of our tax experts, this annual Christmas Quiz is considered one of the toughest around and so has been renamed 'That evil quiz'. It's worth entering because the winner will get a free VTaxP Toolkit of 2021. The choice of toolkit is yours. Details at the bottom.
In its draft Budget, the Welsh Government has announced, from 22 December 2020, a 1% increase to the higher rates of Land Transaction Tax (LTT) along with changes to the non-residential tax bands.