SME Tax News

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.

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.

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.

Confused, bemused, past caring? What the fuss is all about: what might the eventual Brexit look like? We compare the latest 'deal' with how other countries have structured their relationship with the European Union. 

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This time, new VAT announcements, uncertainty over new budget date, capital allowances on shared communal areas, an employer briefing and lots of updated guides. 

HMRC have announced that any businesses needing to update particularly complicated or legacy IT systems can apply for an extension to the 2020 deadlines for complying with the digital links requirements under Making Tax Digital for VAT (MVD) .