HM Treasury has launched an 'Investing in Women' code to promote female entrepreneurship among organisations that offer finance. The code follows the launch of a 'Women In Finance Charter', already supported by over 330 firms.
SME Tax News
In Michael John Hunt v HMRC [2019] TC7311, the FTT allowed a claim for loss relief on a £4.9m loan guarantee when a company failed. HMRC had denied relief on the basis that the company was merely in business and was not trading.
At the end of this month chancellor Sajid Javid cancelled the 2019 Budget which was due to be held on 6 November. Then parliament agreed to early General Election.
Hello
We have quite a lot to say this week. HMRC's latest Agent Update is horribly long but it duplicates much in the earlier Employer Update. We have weeded out the highlights for you.
HMRC have issued the Agent Update for October/November 2019. We have summarised the key content for you with links to our detailed guidance on the topics covered.
In Harold Wiesenfeld and Alex Strom v HMRC [2019] UKUT 0301 the UT upheld penalties for carelessness. The taxpayers failed to provide timely evidence as to the nature of their business venture in Poland and the tribunal ruled that verbal evidence amounted to hearsay.
In Routier and Anor v HMRC [2019] UKSC43 the Supreme Court found that a gift to a Jersey trust qualified for IHT exempt charitable status despite the trust not being governed by UK law; to deny the relief would contravene EU law.
Sajid Javid, the chancellor, is planning to scrap promised tax cuts in next month’s budget, according to a report in the Financial Times. Tuesday’s U.K. public-sector borrowing figures showed the budget deficit between April and September totalled £40.3b, 22% higher than the same period last year.
HMRC have issued a new briefing ‘Reform of off-payroll working rules’ about the extension of the rules to the private sector from April 2020.
A new consultation, 'Supplier Licensing Review: Ongoing requirements and exit arrangements' includes proposals for Britain’s energy suppliers to provide the regulator with 'living wills' and independent financial audits when requested. Ofgem’s recommendations intend to protect customers from failing companies.